Problem $6-5$A Calculate ending inventory and cost of goods sold using FIFO and LIFO and Weighted Average methods.

$[$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

$$

Transaction

Units

$$

Unit Cost

$$

Total Cost

$$

Jan.

$1$

$$

$$

Beginning inventory

$$

$102$

$$

$$

$

$19$

$$

$$

$$

$

$1,938$

$$

$$

Mar.

$12$

$$

$$

Purchase

$$

$79$

$$

$$

$$

$14$

$$

$$

$$

$$

$1,106$

$$

$$

Sep.

$17$

$$

$$

Purchase

$$

$49$

$$

$$

$$

$7$

$$

$$

$$

$$

$343$

$$

$$

$$

$$

$$

$$

$$

$$

$230$

$$

$$

$$

$$

$$

$$

$$

$

$3,387$

$$

$$

Jan. $1$Dec$.31$

$$

Sales

$$

$159$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

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 $71$ units of unsold inventory to be $$390.$

Required:

Using FIFO, calculate ending inventory and cost of goods sold.$$

Using LIFO, calculate ending inventory and cost of goods sold.

Using Weighted Average, calculate ending inventory and cost of goods sold.