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During the year, TRC Corporation has the following inventory transactions. For the entire year,...

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Accounting

During the year, TRC Corporation has the following inventory transactions.
For the entire year, the company sells 410 units of inventory for $51 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.
Determine which method will result in higher profitability when inventory costs are rising.
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