100%(1)1 out of 1 people found this document helpful
This preview shows page 1 - 3 out of 3 pages.
3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value.Required information 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 (LO6-3, 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 Jan. 1 Mar. 12 Sep. 17 Transaction Beginning inventory Purchase Purchase Units 106 83 Unit Cost $20 15 Total Cost $ 2, 120 1, 245 424 $3,789 S 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