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5 18 points Liberty Company has the following inventory transactions for the year. Date January 1 April 9 October 4 January 1 to December 31 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. Transactions Beginning inventory Purchase. Purchase Req 1 Sales Complete this question by entering your answers in the tabs below. Req 2 Ending inventory Cost of goods sold Because trends change frequently, Liberty estimates that the remaining seven units have a net realizable value at December 31 of only $340 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. Req 3a Req 3b Using FIFO, calculate ending inventory and cost of goods sold. Units 19 29 10 58 51

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Liberty Company has the following inventory transactions for the year. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using UFO, calculate ending inventory and cost of goods sold. Because trends change frequently, Liberty estimates that the remaining seven units have a net realizable value at December 31 of only $340 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. Because trends change frequently, Lberty estimates that the remaining seven units have a net realizable value at December 31 of only $340 each. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. Complete this question by entering your answers in the tabs below. Because trends change frequently, Lberty estimates that the remaining seven units have a net realizable value at December 31 of only $340 each. Record any necessary adjusting entry under FIFO. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Journal entry worksheet Record any necessary adjusting entry. Note: Enter debits betore credits: Liberty Company has the following inventory transactions for the yeor. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. Because trends change frequently, Liberty estimates that the remaining seven units have a net realizable value at December 31 of only $340 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. Using LIFO, calculate ending invenuw ind cost of goods sold. Liberty Company has the following imventory transactions for the year. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LiFO, calculate ending inventory and cost of goods sold Because trends change frequently, Liberty estimates that the remaining seven units have a net reaiizable value at Docember 31 of only $340 each. 3.a. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. 3.b. Rocord any necessary adjusting entry under FIFO. Complete this question by entering your answers in trie tabs below. Using FIFO, calculate ending inventory and cost of goods sold

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