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 Jan. 1 Apr. 9 Oct. 4 Transactions Beginning inventory Purchase Purchase Units Unit Cont Total Cost 18 5480 $ 8.640 28 500 14,000 12 530 5,360 58 $29.000 50 Jan. 1-Dec. 31 Sales Because trends in purses change frequently, Trends by Tiffany estimates that the remaining eight purses have a net realizable value at December 31 of only $330 each. 3-a. Determine the amount of ending inventory to report using lower of cost and not realizable value Lower of Cost and NRV FIFO