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  3. during 2024, liberty company has the following inv

During 2024, Liberty Company has the following inventory transactions: Because trends change frequently, Liberty estimates...

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Accounting

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During 2024, Liberty Company has the following inventory transactions: Because trends change frequently, Liberty estimates that the remaining six units have a net realizable value at December 3 of only $300 each. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. 3. Determine the amount of ending inventory to report using the lower of cost and net realizable value under FIFO. 4. Record any necessary adjusting entry. Complete this question by entering your answers in the tabs below. Using FIFO, calculate ending inventory and cost of goods sold. Using LIFO, calculate ending inventory and cost of goods sold. Complete this question by entering your answers in the tabs below. Determine the amount of ending inventory to report using the lower of cost and net realizable value under FIFO. Record any necessary adjusting entry. (If no entry is required for a particular transaction/event, select first account field.) Journal entry worksheet Record the adjusting entry for inventory under FIFO. Note: Enter debits before credits

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