For the current year, Parker Games has the following inventory transactions related to its traditional board games. Parker Games uses a periodic inventory system.

Date, Transaction Units, Unit Cost,Total Cost,

Jan. 1 Beginning inventory 104 $ 20 $ 2,080

Mar. 12 Purchase 78 15 1,170

Sep. 17 Purchase 48 8 384

230 $ 3,634

Jan. 1Dec. 31 Sales 158

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 the year. At the end of the year, Parker estimates the net realizable value of the 72 units of unsold inventory to be $380. Required:

1) Using FIFO, calculate ending inventory and cost of goods sold.

2) 2. Using LIFO, calculate ending inventory and cost of goods sold.

Determine the amount of ending inventory to report using lower of cost and net realizable value.

3-b. Record any necessary adjustment under FIFO. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)