[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 Units Cost Total Cost Transaction Jan. 1 20 $500 10,000 Beginning inventory Apr. 9 15,600 Purchase 30 520 11 550 Oct. 4 6,050 Purchase 31,650 61 52 Jan. 1 Dec. 31 Sales 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 $350 each