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 1st purchase April 16 2nd purchase June 3 3rd purchase August 18 4th purchase September 13 5th purchase November 14 6th purchase December 3 7th purchase Units Unit Price Total Cost 1,090 $ 8 $ 8,720 880 9 7 ,920 420 9.5 3,990 720 10.2 7,344 600 10.9 6,540 820 11.9 9,758 390 13.9 5,421 500 13.95 6,975 5,420 $ 56,668 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 1 a. FIFO A b. LIFO A C. Weighted average A 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 A b. Weighted average lower-of-cost-or-market A 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 a