Bouie Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows:

There are 20 units of inventory on hand on December 31.
1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods:
(a) FIFO
(b) Weighted-average (round calculations to two decimal places)
2. Assume that the market price per unit (cost to replace) of Bouie's inventory on December 31, 20--, was $39. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:
(a) FIFO lower-of-cost-or-market
(b) Weighted-average lower-of-cost-or-market
3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) and (b)above?

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Unit Price Total Cost Units 20 22 24 Jan. 1 Mar. 5 Sept. 9 $30 34 35 40 Beginning inventory $ 600 748 840 880 $3,068 1st purchase 2nd purchase 3rd purchase Dec. 8 22 88