Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [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 45 125 195 105 470 Unit Cost Total Cost $ 37 $ 1,665 39 4,875 42 8,190 43 4,515 $19, 245 For the entire year, the company sells 414 units of inventory for $55 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale 45 $ 37 $ 1,665 Cost per # of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory 450 $ 37 $ 1,665 0 Beginning Inventory Purchases: Apr. 7 Jul. 16 0 125 s 195 $ 39 42 39 42 lon 125 $ 1950 $ $ 0 4,875 8,190 4.515 19,245 4,875 8,190 0 Oct.6 43 43 54 $ 43 2,322 105 s 470 Total $ Sales revenue Gross profit