Liberty Company has the following inventory transactions for the year. Transactions Beginning inventory Purchase Purchase Date January 1 April 9 October 4 January 1 to December 31 Sales Required: Units 17 Unit Cost Total Cost $330 $5,610 13 350 4,550 14 380 5,320 44 $15,480 35 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. Because trends change frequently, Liberty estimates that the remaining nine units have a net realizable value at December 31 of only $180 each. 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. 3-b. Record any necessary adjusting entry under FIFO. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3a Req 3b Using FIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold Req 1 Req 2 > Liberty Company has the following inventory transactions for the year. Date January 1 Transactions Beginning inventory April 9 Purchase October 4 Purchase January 1 to December 31 Sales Required: Saved Units, 17 Unit Cost $330 Total Cost $5,610 13 350 4,550 14 380 5,320 44 $15,480 35 He 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. Because trends change frequently, Liberty estimates that the remaining nine units have a net realizable value at December 31 of only $180 each. 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. 3-b. Record any necessary adjusting entry under FIFO. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3a Req 3b Using LIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold Liberty Company has the following inventory transactions for the year. Date January 1 April 9 October 4. Transactions. Beginning inventory Purchase Purchase January 1 to December 31 Sales Required: Unita 17 Unit Cost Total Cost $330 $5,610 13 350 4,550 14. 380 5,320 44 35 $15,480 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. Because trends change frequently, Liberty estimates that the remaining nine units have a net realizable value at December 31 of only $180 each. 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. 3-b. Record any necessary adjusting entry under FIFO. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3a Req 3b Because trends change frequently, Liberty estimates that the remaining nine units have a net realizable value at December 31 of only $180 each. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. Ending inventory Lower of Cost and NRV Journal entry worksheet 1 Record any necessary adjusting entry. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal < Req 3a Req 3b