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Required information The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16 Purchase Oct. 6 Purchase 123 Number of Units Unit Cost Total Cost 43 $ 35 $ 1,505 37 4,551 193 40 7,720 183 41 4,223 462 $17,999 For the entire year, the company sells 412 units of inventory for $53 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of # of units Cost per Goods Cost of unit Available # of units Cost per unit Goods for Sale Sold 43 $ 350 $ 1,5051 0 $ 35s 0 of units Cost Endine per unit Inventory Beginning Inventory Purchases Apr. 7 Jul 16 Oct. Total 123 $ 1937 s 103 $ 462 37 40 41 4,551 7.720 4.223 $ 17,999 123s 37 1931s 40 401 $ 41 399 4,551 7,720 1,640 $ 15,416 63 $41 83 2,583 $ 2,583 o 40 Total 462 4,223 17,999 EA 399 GA Sales revenue Gross profit 24,399 8,923 $ ces