[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 Jan. 1-Dec. 31 Transaction Beginning inventory Purchase Purchase Sales Units Cost 114 87 57 258 Total Cost $21 $ 2,394 16 1,392 9 513 167 $4,299 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 the 91 units of unsold inventory is only $470.
[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 Jan. 1-Dec. 31 Transaction Beginning inventory Purchase Purchase Sales Units Cost 114 87 57 258 Total Cost $21 $ 2,394 16 1,392 9 513 167 $4,299 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 the 91 units of unsold inventory is only $470.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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need answer for all requirements or skip/leave if you can't answer all. answer in detail with steps answer in text
![[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
Jan. 1-Dec. 31
Transaction
Beginning inventory
Purchase
Purchase
Sales
Units Cost
114
$21
87
16
57
258
167
9
Total Cost
$ 2,394
1,392
513
$ 4,299
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 the 91 units of unsold inventory is only $470.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F75846f55-09e5-4940-bce5-0966d235b49d%2Ffbbe5b91-c457-41fb-a358-f4a0567b1ff9%2Fpmus9v6_processed.png&w=3840&q=75)
Transcribed Image Text:[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
Jan. 1-Dec. 31
Transaction
Beginning inventory
Purchase
Purchase
Sales
Units Cost
114
$21
87
16
57
258
167
9
Total Cost
$ 2,394
1,392
513
$ 4,299
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 the 91 units of unsold inventory is only $470.
Transcribed Image Text:Required:
1. Using FIFO, calculate ending inventory and cost of goods sold.
Ending inventory
Cost of goods sold
2. Using LIFO, calculate ending inventory and cost of goods sold.
Ending inventory
Cost of goods sold
FIFO
Lower of Cost
and NRV
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.)
View transaction list
Journal entry worksheet
<
1
Record the adjustment for inventory under FIFO.
Note: Enter debits before credits.
Transaction
a
General Journal
Debit
Credit
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