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 1,110 $ 8.00 $ 8,880 March 5 1st purchase 910 9.00 8,190 April 16 2nd purchase 420 9.50 3,990 June 3 3rd purchase 680 10.20 6,936 August 18 4th purchase 580 10.90 6,322 September 13 5th purchase 780 11.90 9,282 November 14 6th purchase 400 14.00 5,600 December 3 7th purchase 500 14.05 7,025 5,380 $ 56,225 There are 1,000 units of inventory on hand on December 31. Required: 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 Ending Cost of Goods Sold Inventory a. FIFO b. LIFO