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 Transactions Units Unit cost Total Cost Jan. 1 Beginning inventory 17 $330 $ 5,610 Apr. 9 Purchase 13 350 4,550 Oct. 4 Purchase 380 5,320 44 $15,480 Jan. 1-Dec. 31 Sales 14 35 Because trends in purses change frequently, Trends by Tiffany estimates that the remaining nine purses have a net realizable value at December 31 of only $180 each Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold 2. Using LIFO, 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 lower of cost and net realizable value. Lower of Cost and NRV FIFO 3-b. Record any necessary adjustment under (a) FIFO (If no entry is required for a transaction/event, select "No Ja Required" in the first account field.) View transaction list Journal entry worksheet