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. Units Unit Price Total Cost January 1, 20- Beginning Inventory 1,100 $ 8.00 $ 8,800 March 5 1st purchase 880 9.00 7,920 April 16 2nd purchase 410 9.50 3,895 June 3 3rd purchase 680 10.20 6,936 August 18 4th purchase 620 10.90 6,758 September 13 Sth purchase 800 11.90 9,520 November 14 6th purchase 390 13.80 5,382 December 3 7th purchase 520 13.85 7,202 5,400 $ 56,413 There are 1,000 units of inventory on hand on December 31.