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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 40 120 190 100 450 Unit Cost $ 32 34 37 38 Total Cost $ 1,280 4,080 7,030 3,800 $16, 190 For the entire year, the company sells 400 units of inventory for $50 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 2 LIFO Cost of Goods Available for Sale Cost of # of Cost Goods per units unit Available for Sale Answer is not complete. Cost of Goods Sold Ending Inventory Cost Cost of Cost # of # of Ending Goods per per units units Inventory unit Sold unit 40$ 32$ 1,280 40 $ 32 0 $ 1,280 0 X Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 0 120 $ 34 190 $ 37 100$ 38 450 4,08 7,030 3,800 $ 16,190 120 $ 34 190$ 37 50 $ 38 400 4,080 7,030 1,900 $ 14,290 50 $ 38 1,900 % 50 > Answer is complete but not entirely correct. Sales revenue Gross profit $ 20,000 $ 5,710