Question: I need help with this question, it has 4 steps. Thank you Required information [The following information applies to the questions displayed below.] During the
I need help with this question, it has 4 steps. Thank you

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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 Number of Units Unit Cost 49 $ 41 129 43 199 46 109 47 486 Total Cost $ 2,009 5,547 9,154 5,123 $21,833 For the entire year, the company sells 428 units of inventory for $59 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost per # of units Cost of Goods Available for Sale # of units Cost of Goods Sold # of units Cost Ending per unit Inventoryl unit unit $ 0 $ 0 $ 0 Beginning Inventory Purchases: Apr. 7 Jul. 16 0 $ 0 0 0 $ 0 0 Oct.6 0 $ 0 0 Total 0 $ 0 Sales revenue Gross profit 2. 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 Cost per Cost per # of units Cost of Goods Available for Sale # of units Cost of Goods Sold # of units Cost Ending per unit Inventory unit unit $ 0 Beginning Inventory Purchases: Apr 07 0 Jul 16 0 Oct 06 0 Total 0 $ 0 Sales revenue Gross profit 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 Cost per # of units Cost of Goods Available for Sale # of units Sold Cost per Unit Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventory unit 49 $ 2,009 Beginning Inventory Purchases: Apr 07 129 Jul 16 199 5,547 9,154 5,123 21,833 Oct 06 109 Total 486 $ Sales revenue Gross profit 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice LIFO Weighted average FIFO
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