Question
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
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 102 $ 19 $ 1,938 Mar. 12 Purchase 79 14 1,106 Sep. 17 Purchase 49 7 343 230 $ 3,387 Jan. 1Dec. 31 Sales 159 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 71 units of unsold inventory to be $390. Required: Using FIFO, calculate ending inventory and cost of goods sold. Using LIFO, calculate ending inventory and cost of goods sold. Using Weighted Average, calculate ending inventory and cost of goods sold.
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