Date Jan. 1 Mar. 12 Sep. 17 Jan. 1-Dec. 31 Transaction to Beginning inventory Purchase Purchase Sales Units 120 90 60 270 170 all Unit Cost $21 16 9 Total Cost $2,520 1,440 540 $4,500 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. 3. 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. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. Record any necessary adiusting entry.

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LCM : LOWER OF COST OR MARKET A Retail Company sells various products related to pop culture. Since trends change the market price for items also changes. Review the book cost and market replacement cost for the retail company's inventory items and answer the questions below regarding LCM. Inventory Item # of units (Quantity) Book unit cost Market unit cost Product 1 100 $ 9 $11 Product 2 200 $ 6 $ 4 Product 3 150 $ 3 $ 5 Product 4 400 $ 15 $ 14 You can assume the adjustment (if any) is relatively small and not related to an unusual or extraordinary circumstance. What is the dollar amount of the adjustment? $ What is the DEBIT account of the journal entry? What is the CREDIT account of the journal entry? Search or type URL

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 35 80 130 75 90 180 1. FIFO 2. Moving weighted average Unit Cost $ 60 $65 $ 70 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Cost of Goods Sold $70 Ending Inventory I