During 2018, Liberty Company has the following inventory transactions.

Date	Transaction	Units	Cost	Total Cost
Jan. 1	Beginning inventory	10	$430	$	4,300
Apr. 9	Purchase	22	470		10,340
Oct. 4	Purchase	18	400		7,200
		50		$	21,840
Jan. 1Dec. 31	Sales	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 with a periodic inventory system, calculate ending inventory and cost of goods sold.

ending inventory?

cost of goods sold?

2. Using LIFO with a periodic inventory system, calculate ending inventory and cost of goods sold.

ending inventory?

cost of goods sold?

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

FIFO: lower of cost or NRV?

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

transaction 1?