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  1. business
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  3. during the year, trc corporation has the following

During the year, TRC Corporation has the following inventory transactions. DateTransactionNumber...

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Accounting

During the year, TRC Corporation has the following inventory transactions.
DateTransactionNumber of UnitsUnit CostTotal CostJanuary 1Beginning inventory51$43$2,193April 7Purchase131455,895July 16Purchase201489,648October 6Purchase111495,439494$23,175
For the entire year, the company sells 431 units of inventory for $61 each.
Required:
1-a & b. Using FIFO, calculate ending inventory and cost of goods sold.
1-c & d. Using FIFO, calculate sales revenue and gross profit.
2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.
2-c & d. Using LIFO, calculate sales revenue and gross profit.
3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold.
3-c & d. Using weighted-average cost, calculate sales revenue and gross profit.
4. Determine which method will result in higher profitability when inventory costs are rising.

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