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Extra Credit Problem 6-5A Calculate ending inventory and cost of goods sold using FIFO and...

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Accounting

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Extra Credit 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 Units Unit Cost 519 Transaction Beginning inventory Purchase Purchase Total Cost $1.938 1. 106 Mar 12 Sep. 17 $3,387 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 71 units of unsold inventory to be $390. 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 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.) Journal entry worksheet

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