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please help me answer these questions For the current year, Parker Games has the following inventory transactions related to its traditional board games, Parker Games
please help me answer these questions
For the current year, Parker Games has the following inventory transactions related to its traditional board games, Parker Games uses a periodic inventory system. 3 Date Jan. 1 Mar. 12 Sep. 17 Transaction Beginning inventory Purchase Purchase Units 102 81 51 234 161 Unit Cost $21 16 9 Total Cost $2,142 1,296 459 $3,897 Jan. 1-Dec. 31 Sales d 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 73 units of unsold inventory to be $410. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold 2. Using LIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value. Lower of Cost and NRV FIFO 3 3-6. 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.) View transaction list Journal entry worksheet Record the adjustment for inventory under FIFO. Note: Enter debits before credits General Journal Debit Credit Transaction December 31 Step by Step Solution
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