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. Date Jan. 1 Mar. 12 Sep. 17 Transaction Beginning inventory Purchase Purchase Unita 120 90 60 270 170 Unit CONE $21 16 9 Totalcout $2,520 2440 540 $4,500 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 100 units of unsold inventory to be $500. Problem 6-5A Part 1 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. Problem 6-5A Part 1 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold Problem 6-5A Part 2 2. Using LIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold 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 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