Trends by Taisha sells high-end leather purses. The company has the following inventory transactions for t Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. [The following information applles to the questions displayed below.] Trends by Taisha sells high-end leather purses. The company has the following inventory transactions for the ye Using LIFO, calculate ending inventory and cost of goods sold Because trends in purses change frequently, Trends by Taisha estimates that the remaining seven purses have a net realizable value at December 31 of only $280 each. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. Record any necessary adjusting entry. Note: Enter debits before credits