Cost Allocation and Lower of Cost-on Market Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20., were as follows: Units Unit Price Total Cost January 1, 20. Beginning inventory 1,120 8.1 $ 9,072 March 5 Ist purchase 900 9.1 8,190 April 16 2nd purchase 420 9.6 4,032 June 3 3rd purchase 720 10.3 7,416 August 16 4th purchase 590 11 6,490 September 13 Sth purchase 820 12 9,840 November 14 6th purchase 380 5,358 December 7th purchase 480 14.15 6,792 5,430 $57,190 There are 1,000 units of inventory on hand on December 31 Requiredt For the weighted average method, round calculations to two decimal places. Round all final answers to the nearest dollar, 1. 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 Cost of Ending Inventory a FIFO b. LIFO c. Weighted average 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: 8. FIFO lower-of-cost-or-market b Weighted average lower-of-cost-of-market 3. Prepare required entries to apply: The My Woda December 7th purchase 480 14.15 6,792 5,430 $ 57,190 There are 1,000 units of inventory on hand on December 31 Required: For the weighted average method, round calculations to two decimal places Round all final answers to the nearest dollar 1. Calculate the total amount to be assigned to the ending inventory and cott of goods sold on December 31 under each of the following methode Cost of Goods Sold Cost of Ending Inventory # FIFO b. LIFO Weighted average 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: . FIFO lower-of-cost-o-market b. Weighted average lower-of-cost or market 3. Prepare required entries to apply: & FIFO lower-of-cost-or-market b. Weighted average lower-of-cost-or-market If no entry is required, select "No entry required and leave the amount boxes blank or enter" Description Debit Credit