Required information Problem 6-5A (Static) Calculate ending inventory and cost of goods sold using FIFO and LIFO and adjust inventory using lower of cost and net realizable value ( LO6-3, 6-6) [The following information applies to the questions displayed below]. For the current year, Parker Games has the folsowing inventory transactions related to its traditional board games. Parker Games uses a periodic inventory system. Problem 6.5A (Static) Part 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 ond of the year. Parker estimatos the net realizable value of the 100 units of unsold inventory to be $500. 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. 3.b. Record any necessary adjusting entry under FiFO. Complete this question by entering your answers in the tabs below