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Required information Problem 6-5A (Algo) Calculate ending inventory and cost of goods sold using FIFO and LIFO and adjust inventory using lower of cost and net realizable value (LO6-3,6-6) [The following information applies to the questions displayed below.] For the current year, Platoon Games has the following inventory transactions related to its traditional board games. Platoon Games uses a periodic inventory system. Problem 6.5A (Algo) Part 1 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. Required information Problem 6-5A (Algo) Calculate ending inventory and cost of goods sold using FIFO and LIFO and adjust inventory using lower of cost and net realizable value (LO6-3, 6-6) [The following information applies to the questions displayed below] For the current year, Platoon Games has the following inventory transactions related to its traditional board games. Platoon Games uses a periodic inventory system. Problem 6-5A (Algo) Part 2 2. Using LIFO, calculate ending inventory and cost of goods sold. Required information Problem 6.5A (Algo) Calculate ending inventory and cost of goods sold using FIFO and LIFO and adjust inventory using lower of cost and net realizable value (LO63,6.6) [The following information applies to the questions displayed below.] For the current year, Platoon Games has the following inventory transactions related to its traditional board games. Platoon Games uses a periodic inventory system. Problem 6.5A (Algo) Part 3 Because of the increasing popularity of electronic video games, Platoon 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, Platoon estimates the net realizable value of the 75 units of unsold inventory to be $350. 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, Exercise 6-15 (Algo) Calculate cost of goods sold, the inventory turnover ratio, and average days in inventory (LO62,67) Lewis Incorporated and Clark Enterprises report the following amounts for the year. Required: 1. Calculate cost of goods sold for each company. 2. Calculate the inventory turnover ratio for each company. 3. Calculate the average days in inventory for each company. 4. Which company appears to be managing its inventory more efficiently? Complete this question by entering your answers in the tabs below. Calculate cost of goods sold for each company