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 follows: Units Unit Price Total Cost January 1, 20-- Beginning inventory 1,090 $ 7.9 $ 8,611 March 5 1st purchase 880 8.9 7,832 April 16 2nd purchase 380 9.4 3,572 June 3 3rd purchase 720 10.1 7,272 August 18 4th purchase 610 10.8 6,588 September 13 5th purchase 790 11.8 9,322 November 14 6th purchase 420 13.9 5,838 December 3 7th purchase 500 13.95 6,975 5,390 $ 56,010 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 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: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market 3. Prepare required entries to apply: a. 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 "0". Description Debit Credit