Required information [The following information applies to the questions displayed below.] For the current year, Boardwalk Games has the following inventory transactions related to its traditional board games. Boardwalk Games uses a periodic inventory system. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. Because of the increasing popularity of electronic video games. Boardwalk Games continues to see a decline in the demand for boar games. Sales prices have decreased by over 50% during the year. At the end of the year, Boardwalk estimates the net realizable valu of the 74 units of unsold inventory to be $360. 3. a. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. 3.b. Record any necessary adjusting entry under FIFO. Complete this question by entering your answers in the tabs below. Because of the increasing popularity of electronic video games, Boardwalk 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, Boardwalk estimates the net realizable value of the 74 units of unsold inventory to be $360. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. Because of the increasing popularity of electronic video games, Boardwalk 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, Boardwalk estimates the net realizable value of the 74 units of unsold inventory to be $360. Record any necessary adjusting entry under FIFO. (If no entry is required for a transaction/event, select "No Joumal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits