During 2021, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2021: Date Transaction Jan. 1 Beginning inventory Sep.8 Purchase Number of Units 20 10 30 Unit Cost $50 42 Total Cost $1,000 420 $1,420 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses the weighted-average cost method (Round weighted average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Ending inventory Cost of goods sold A company reports inventory using the lower of cost and net realizable value. Below is information related to its year-end inventory Inventory Item A Item B Quantity 150 60 Cost $25 30 NRV $30 20 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for inventory. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal