For the current year, Walker Games has the following inventory transactions related to its traditional board games. Walker Games uses a periodic inventory system. Date January 1 Transactions Beginning inventory Purchase March 12 September 17 Purchase January 1 to December 31 Sales Units 118 Unit Cost $20 Total Cost $2,360 89 15 1,335 59 8 472 266 $4,167 169 Problem 6-50 (Algo) Port? Because of increasing popularity games, ues to see a line in the de and for bo games. Sales prices have decreased by over 50% during the year. At the end of the year, Walker estimates the net realizable value of the 97 units of unsold inventory to be $490. 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. 3-b. Record any necessary adjusting entry under FIFO. 3:21 Complete this question by entering your answers in the tabs below. ed nces Req 3A Req 38 Because of the increasing popularity of electronic video games, Walker 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, Walker estimates the net realizable value of the 97 units of unsold inventory to be $490. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. Lower of Cost and NRV Ending inventory 1 Part 3 of 3 Record any necessary adjusting entry. 2 points 00:53:04 Skipped eBook Print References Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal