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: January 1, 20 Beginning inventory March 5 April 16 June 3 August 18 September 13 5th purchase November 14 6th purchase Units Unit Price Total Cost 1,090 8 8,720 8,010 3,990 7.344 6,540 9,639 5,460 7.306 $ 57,009 1st purchase 2nd purchase 3rd purchase 4th purchase 890 420 720 10.2 600 0 9.5 810 11.9 390 520 14.05 14 7th purchase 5,440 There are 1,000 units of inventory on hand on December 31