The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase 140 54 7,560 Jul. 16 Purchase 210 57 11,970 Oct. 6 Purchase 120 58 6,960 530 $ 29,610 For the entire year, the company sells 450 units of inventory for $70 each. 1. Using FIFO, 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.