Required information [The following information applies to the questions displayed below.] Trends by Tina sells high-end leather purses. The company has the following inventory transactions for the year. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. Required information [The following information applies to the questions displayed below.] Trends by Tina sells high-end leather purses. The company has the following inventory transactions for the year 2. Using LIFO, calculate ending inventory and cost of goods sold. Required information [The following information applies to the questions displayed below.] Trends by Tina sells high-end leather purses. The company has the following inventory transactions for the year. ecause trends in purses change frequently, Trends by Tina estimates that the remaining eight purses have a net realizable value at ecember 31 of only $170 each. a. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. b. Record any necessary adjusting entry under FIFO