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eBook Calculator Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20-2, are shown. January 1, 20-2 Beginning inventory January 12 1st purchase February 28 2nd purchase June 29 3rd purchase August 31 4th purchase October 29 Sth purchase November 30 6th purchase December 21 7th purchase Units Unit Price Total Cost 1,500 $10.00 $15,000 500 11.50 5,750 600 14.50 8,700 1,200 15.00 18,000 800 16.50 13,200 300 18.00 5,400 700 18.50 12,950 400 20.00 8,000 6,000 $87,000 There are 1,200 units of inventory on hand on December 31, 20-2. Required: 1. Calculate the total amount to be assigned to the cost of goods sold Yor 20-2 and ending inventory on December 31 under each of the following periodic Inventory methods: Cost of Goods Cost of Ending Sold Inventory a. FIFO b. LIFO c. Weighted average (round calculations to two decimal places) Previous Check My Work 5 more Check My Work uses remaining Email Instructor Save and Exit All work saved. Submit Assignment for Grading 0 A dtv AN 6,000 $87,000 There are 1,200 units of inventory on hand on December 31, 20-2. Required: 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: Cost of Goods Sold Cost of Ending Inventory a. FIFO $ b. LIFO $ c. Weighted average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hurst's inventory on December 31 was $18. 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. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending Inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of $100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31. Cost of goods sold s Estimated inventory