Required: 1. Using FIFO. calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. 3. 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 imventory to be $500. Determine the amount of ending tiventory to report using lower of cost and net realizable value under HFFO. Record any necessaty adjusting entry. Solculate ending inventory and cost of goods sold using FIFO and LIFO and adjust inventory using lower of cost and net realizable Jalue ( L063, (6) 6-6) P6-5A For the current year, Parker Games has the following inventory transactions related to its traditional board games. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. 3. 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. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. Record any necessary adjusting entry. Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable