During 2024, Liberty Company has the following inventory transactions. Date January 1 Transactions Beginning inventory April...

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During 2024, Liberty Company has the following inventory transactions. Date January 1 Transactions Beginning inventory April 9 Purchase October 4 Purchase January 1 to December 31 Sales Units Cost Total Cost 10 $ 430 $ 4,300 22 470 10,340 18 400 7,200 50 $ 21,840 44 Because trends change frequently, Liberty estimates that the remaining six units have a net realizable value at December 31 of only $300 each. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. 3. Determine the amount of ending inventory to report using the lower of cost and net realizable value under FIFO. 4. Record any necessary adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Using FIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold During 2024, Liberty Company has the following inventory transactions. Date January 1 Transactions Beginning inventory April 9 Purchase October 4 Purchase January 1 to December 31 Sales Units Cost Total Cost 10 $ 430 $ 4,300 22 470 10,340 18 400 7,200 50 $ 21,840 44 Because trends change frequently, Liberty estimates that the remaining six units have a net realizable value at December 31 of only $300 each. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. 3. Determine the amount of ending inventory to report using the lower of cost and net realizable value under FIFO. 4. Record any necessary adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Using FIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold