! 3 Required information . 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, Date Jan. 1 Apr. 9 Oct 4 Transactions Beginning inventory Purchase Purchase Units Unit Cost Total cost 11 599 $ 4,290 19 410 7,790 17 440 7,480 47 $19,560 41 10:05 Jan. 1-Dec. 31 Sales 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 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold Ending inventory Cost of goods sold