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. Units Date Jan. 1 Mar. 12 Sep. 17 Transaction Beginning inventory Purchase Purchase 112 86 56 254 166 Unit Cost $20 15 8 Total Coat 52, 240 1,290 448 $3.978 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 88 units of unsold inventory to be $460. Problem 6-5A Part 3 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value. Lower of Cost and NRV FIFO Required information 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.) View transaction list Journal entry worksheet 1 $ Record the adjustment for inventory under FIFO. Note: Enter debits before credits General Journal Debit Transaction December 31 Credit Record entry Clear entry View general journal