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 (LO6-3, 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 Units Unit Cost Total Cost Date Jan. 1 Mar. 12 Sep. 17 Beginning inventory Purchase Purchase 120 70 40 230 150 $19 14 $2,280 980 280 $3,540 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 80 units of unsold inventory to be $300. 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 Units Unit Cost Total cost Date Jan. 1 Mar. 12 Sep. 17 120 70 40 230 150 $19 14 Beginning inventory Purchase Purchase $2,280 980 280 $3,540 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 80 units of unsold inventory to be $300 roblem 6-5A Part 1 equired: . Using FIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold For the current year, Parker Games has the following inventory transactions related to its traditional Parker Games uses a periodic inventory system. Transaction Date Jan. 1 Mar. 12 Sep. 17 Units Unit Cost Total Cost Beginning inventory Purchase Purchase 120 70 40 230 150 $19 14 $2,280 980 280 $3,540 Jan. 1-Dec. 31 Sales Because of the increasing popularity of electronic video games, Parker Games continues to see a decli demand for board games. Sales prices have decreased by over 50% during the year. At the end of the ) estimates the net realizable value of the 80 units of unsold inventory to be $300. Problem 6-5A Part 2 2. Using LIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold