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 Cost Total Cost 15 $450 $ 6,750 25 470 11,750 15 500 7,500 55 $26,000 47 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 $300 each. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. Answer is complete but not entirely correct. $ Ending inventory Cost of goods sold 4,000 4,000 $ 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 Cost Total Cost 15 $450 $ 6,750 25 470 11,750 15 500 7,500 55 $26,000 47 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 $300 each. 2. Using LIFO, calculate ending inventory and cost of goods sold. $ 55 Ending inventory Cost of goods sold