During the year, TRC Corporation has the following inventory transactions

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1

During the year, TRC Corporation has the following inventory transactions.
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For the entire year, the company sells 440 units of inventory for $64 each.
Required:

  1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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  2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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