During 2021, Liberty Company has the following inventory transactions. Units Jan. 1 Transactions Beginning inventory Purchase Purchase Cost $430 470 400 Total Cost $ 4,300 10,340 7,200 $21,840 Apr. 9 Oct. 4 Jan. 1-Dec. 31 Sales 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, 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 the lower of cost and net realizable value under FIFO. 3-b. Record any necessary adjusting entry under (3.a) FIFO. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Reg 3A Reg 38 Record any necessary adjusting entry under (3.a) FIFO. (Ir no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list - - -- - - -- Units Date Jan. 1 Apr. 9 Oct. 4 Transactions Beginning inventory Purchase Purchase Cost $430 470 400 Cost $ 4,300 10,340 7,200 $21,840 Jan. 1-Dec. 31 Sales 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, 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 the lower of cost and net realizable value under FIFO. 3-b. Record any necessary adjusting entry under (3.a) FIFO. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 2 Req 3A Req 38 Reg 3B Using FIFO, calculate ending Inventory and cost of goods sold. Ending inventory Cost of goods sold Req2 > $21,840 Jan. 1-Dec. 31 Sales 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, 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 the lower of cost and net realizable value under FIFO. 3-b. Record any necessary adjusting entry under (3.a) FIFO. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req 3A Reg 3B Using LIFO, calculate ending Inventory and cost of goods sold. Ending inventory Cost of goods sold Because trends change frequently, Liberty estimates that the remaining six units have a net realizable value at Decem $300 each. Required: 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 the lower of cost and net realizable value under FIFO. 3-b. Record any necessary adjusting entry under (3-a) FIFO. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Reg 3B Determine the amount of ending inventory to report using the lower of cost and net realizable value under FIFO. Lower of Cost or NRV FIFO your answers in the tabs below. Reg 1 Reg 2 Req Req 3B Record any necessary adjusting entry under (3-a) FIFO. (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 Record the adjusting entry for inventory under FIFO. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal