20 Required information {The following information applles to the questions displayed below) Trends by Tiffany sells high-end leather purses. The company has the following inventory transactions for the year Transactions Beginning inventory Purchase Purchase Date Jan. 1 Apr. 9 Oct. 4 Part 3 of 3 Units Unit Cost Total Cost 11 $390 $14,290 19 410 7.290 17 460 7,480 47 $19,560 45 Sales Jan. 2-Dec. 31 8 01:4705 Because trends in purses change frequently, Trends by Tiffany estimates that the remaining six purses have a net realizable value at December 31 of only $240 each 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value. Lower of Cost and NRV FIFO 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.) View transaction ist Journal entry worksheet Dard the forma inten Next