For 2015, Parker Games has the following inventory transactions related to its traditional board games.

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 2015. At the end of the year, Parker estimates the total cost to replace the 100 units of unsold inventory is only $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. Determine the amount of ending inventory to report using lower-of-cost-or-market.
Record any necessary adjustment under
(a) FIFO
(b)LIFO.

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Date Transaction Units Total Cost Jan 1 Mar. 12 Beginning inventory Purchase Purchase Cost $21 16 120 9 $2,520 1,440 0 Sep. 17 540 $4,500 Jan. 1-Dec. 31 Sales 170