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 Transaction Unita Unit Cont Total Cont Beginning inventory 106 521 Purchase 1,232 $2,226 Date Jan. 1 Mar. 12 Sep. 12 16 Purchase 47 230 157 423 $3,861 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 73 units of unsold inventory to be $370. 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 370 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 Record the adjustment for inventory under FIFO. Note: Enter debits before credits General Journal Deblt Credit Transaction December 31 View gene journal Clear entry Record entry