$2.$ Assume that the market price per unit $($cost to replace$)$ of Douglas's inventory on December $31$ was $$13.$ 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 $fill in the blank $7$

b$.$ Weighted$-$average lower$-$of$-$cost$-$or$-$market $fill in the blank $8$

$3.$ Prepare required entries to apply:

a$.$ FIFO lower$-$of$-$cost$-$or$-$market

b$.$ Weighted$-$average lower$-$of$-$cost$-$or$-$market

If no entry is required, select $"$No Entry Required".

Description Debit Credit

a$.$

fill in the blank $10$

fill in the blank $11$

fill in the blank $13$

fill in the blank $14$

b$.$

fill in the blank $16$

fill in the blank $17$

fill in the blank $19$

fill in the blank $20$