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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. Number of Units Unit Cost $ 47 55 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase 49 135 205 Total Cost $ 2,585 6,615 10,660 6,095 $25,955 115 510 For the entire year, the company sells 441 units of inventory for $65 each. . Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale of units Cost per unit Cost of Goods Sold ts Cost Ending per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue rofit 3. Using weighted average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 4 decimal places and all other answers to the nearest whole number.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Weighted Average Cost units Cost per Cost of Goods Available for Sale # of units Sold Cost per Unit Cost of # of units in Ending Cost per unit Goods Sold Ending Inventory unit Inventory $ 2,585 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 205 115 6,615 10,660 6,095 510 $ 25,955 Sales revenue Gross profit 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice O LIFO Weighted-average O FIFO

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