For the current year, Boardwalk Games has the following inventory transactions related to its traditional board games. Date Transactions Units Unit Cost Total Cost January 1 Beginning inventory 102 $ 21 $ 2,142 March 12 Purchase 81 16 1,296 September 17 Purchase 51 9 459 234 $ 3,897 January 1 to December 31 Sales 161 Because of the increasing popularity of electronic video games, Boardwalk 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, Boardwalk estimates the net realizable value of the 73 units of unsold inventory to be $410. 

3. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. 

4. Record any potential adjustment to inventory for the lower of cost and net realizable value under FIFO.

Answer rating: 100% (QA)

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