Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions.Number of UnitsUnit CostTotal Cost For the entire year, the company sells 425 units of inventory for \( \$ 56 \) 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. Complete this question by entering your answers in the tabs below. Using weighted-average cost, calculate ending inventory and cost of goods sold. Note: Round "Average Cost per unit" to 4 decimal places and all other answers to 2 decimal places.Number of unitsAverage Cost per UnitCost of Goods Available for SaleNumber of unitsAverage Cost per UnitCost of Goods SoldNumber of unitsAverage Cost per UnitEnding Inventory
