Cost Allocation and Lower$-$of$-$Cost$-$or$-$Market

Douglas Company's beginning inventory and purchases during the fiscal year ended December $31,20--,$ were as shown.

$\backslash$table$[[,,$Units $U,$Unit Price,,tal Cost$],[$January $1,20-,$Beginning inventory,$1,100$$$,8\mathrm{.}00,$$$,8,800],[$March $5,1$st purchase,$900,9\mathrm{.}00,,8,100],[$April $16,2$nd purchase,$400,9\mathrm{.}50,,3,800],[$June $3,3$ rd purchase,$700,10\mathrm{.}25,,7,175],[$August $18,4$th purchase,$600,11\mathrm{.}00,,6,600],[$September $13,5$th purchase,$800,12\mathrm{.}00,,9,600],[$November $14,6$th purchase,$400,14\mathrm{.}00,,5,600],[$December $3,7$th purchase,$500,14\mathrm{.}05,,7,025],[,5,400,,$$$,56,700]]$

There are $1,000$ units of inventory on hand on December $31.$

Required:

Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December $31$ under each of the following methods:

Cost of Goods

Sold

$4$

$$

Cost of Ending

Inventory

a$.$ FIFO

h ITFN