Required information 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 Transaction Unit Cost San. 1 Beginning inventory Purchase 1,232 Units Total cost $2,226 $21 16 185 77 Mar. 12 Sep. 17 Purchase 53,881 Sales 157 Jan. 1-Dec. 31 aces 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 1 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold Ending inventory Cost of goods sold 2. Using LIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value. Lower of Cost and NRV FIFO