For 2012, Parker Games has the following inventory transactions related to its traditional board games.

Because of the increasing popularity of electronic video games, Parker Games continues to see a decline in the demand for board games. Sales prices have decreased by over 50% during 2012. At the end of the year, Parker estimates the total cost to replace the 70 units of unsold inventory is only $400.
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 lower-of-cost-or-market.
Record any necessary adjustment under (a) FIFO and (b) LIFO.

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Date Transaction Total Cost Units 100 Cost Jan. 1 Mar. 12 Beginning inventory Purchase Purchase $20 Sep. 17 400 Jan. 1-Dec. 31 Sales 160