1. Using FIFO, calculate ending inventory and cost of goods sold.

2. Using LIFO, calculate ending inventory and cost of goods sold.

3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value.

3-b. Record any necessary adjustment under (a) FIFO. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

The following information applies to the questions displayed below) Trends by Tiffany sells high-end leather purses. The company has the following inventory transactions for the year. Transaction Units cost Total Cost Jan. 1 Beginning inventory 10,000 520 15,600 Purchase 550 6.050 31650 Jan. 1 Dec. 52 Because trends in purses change frequently, Trends by Tifany the remaining nine purses a estimates that have net value at December 31 oronly s350 each. reawzable 1.66 points