Trends by Tina sells high-end leather purses. The company has the following inventory transactions for the year. Date January 1 April 9 October 4 Transactions Beginning inventory Purchase Purchase January 1 to December 31 Sales Units 15 Unit Cost Total Cost $350 $5,250 15 370 5,550 15 400 6,000 45 $16,800 37 Because trends in purses change frequently, Trends by Tina estimates that the remaining eight purses have a net realizable value at December 31 of only $200 each. 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. 3-b. Record any necessary adjusting entry under FIFO. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Because trends in purses change frequently, Trends by Tina estimates that the remaining eight purses have a net realizable value at December 31 of only $200 each. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. Lower of Cost Ending inventory and NRV Req 38 >