Required information [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 Units 10 76 46 230 Unit Cost $19 14 2 Yotal Cost $2,052 1.064 922 $3,438 Jan. 1-Dec. 31 Sales 156 Because of the increasing popularity of electronic video games, Parker Games continues to see a decine 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 het realizable value of the 74 units of unsold inventory to be $350 Required: 1. Using FIFO, calculate ending inventory and cost of goods cold Ending invertory Cost of goods Required information [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 Units 183 76 46 230 156 Unit Cost 519 14 7 Total Cost $2,052 1.064 322 $3,438 5 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 74 units of unsold inventory to be $360 2. Using LIFO, calculate ending inventory and cost of goods sold Ending inventory Cost of goods sold -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 1 Record the adjustment for inventory under FIFO.