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		110			$	19				$	2,090
Mar.	12			Purchase		85				14					1,190
Sep.	17			Purchase		55				7					385
						250								$	3,665
Jan. 1Dec. 31				Sales		165

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 85 units of unsold inventory to be $450.

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 and net realizable value. (FIFO Lower of cost and NRV)

4. Record the journal entry inventory for FIFO.