Answer Happy

[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 Units Unit Cost Total Cost Jan. 1 Beginning inventory 120 $21 $2,520 Mar. 12 Purchase 1,440 Sep. 17 Purchase 9 $4,500 Jan. 1-Dec. 31 Sales 170 16 90 60 270 540 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 100 units of unsold inventory to be $500. Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold

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 Units Unit Cost Total Cost Jan. 1 Beginning inventory 120 $21 $2,520 Mar. 12 Purchase 90 16 1,440 Sep. 17 Purchase 60 9 540 270 $4,500 Jan. 1-Dec. 31 Sales 170 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 100 units of unsold inventory to be $500. 2. Using LIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold