Problem 6-5A Calculate ending inventory and cost of goods sold using FIFO and LIFO and adjust Inventory using lower of cost and net realizable value (L06-3, 6-6) [The following information applies to the questions displayed below.) For the current year, Parker Games has the following inventory transactions related to its traditional board games. Parker Games uses a periodic Inventory system, Transaction Total Cost Beginning Inventory $2,226 Purchase 1,232 Purchase 423 33,81 Date Jan. 1 Mar. 12 Sep. 17 Unita 106 Unit Cont $21 16 47 230 157 Jan. 1-Dec. 31 Sales 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 $370 Problem 6-5A Part 3 3-a. Determine the amount of ending Inventory to report using lower of cost and net realizable value Answer is complete and correct. Lower of Cost and NRV $ 370 FIFO 3-b. 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.) Answer is complete but not entirely correct. No General Journal Transaction December 31 Credit 1 Cost of Goods Sold Inventory Dobit 1,163 1,163