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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
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 Transaction Unita Unit Coat Total Cost Jan. Beginning inventory 102 $21 52, 142 Mar. 12 Purchase 81 1,296 Sep. 17 Purchase 51 459 234 $3,897 Jan 1-Dec. 31 Sales 761 16 9 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 $410. 2. Using LIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold
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