Cost Allocation and Lower-of-Cost-or-Market Hall Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase December 3 7th purchase January 1 March 5 April 16 June 3 August 18 September 13 November 14 Units Unit Price 800 $11.00 22 a. FIFO 600 500 700 800 900 400 500 5,200 12.00 12.50 14.00 15.00 17.00 18.00 20.30 There are 1,100 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 Goods Sold Cost of Ending Inventory 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 Total Cost $ 8,800 7,200 6,250 9,800 12,000 15,300 7,200 10,150 $ 76,700 $ b. LIFO c. Weighted-average (round calculations to two decimal places.) 2. Assume that the market price per unit (cost to replace) of Hall's inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on Decemb methods:

Cost Allocation and Lower-or-Cost-or-Market Hall Companys beginning inventory and purchases during the fiscal year ended December 31, 20-, were as shomn. There are 1,100 units of inventory on hand on December 31. Required: 1. Calculate the total amount to be aswigned to the ending inventery and cost of goods sold on December 31 under each of the following methods: 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: 2. Assume that the market price per unit (cost to replace) of Hall's inventory on December 31 was $16. Calculate the total amount to be assigned to Cost Allocation and Lower-or-Cost-or-Market Hall Companys beginning inventory and purchases during the fiscal year ended December 31, 20-, were as shomn. There are 1,100 units of inventory on hand on December 31. Required: 1. Calculate the total amount to be aswigned to the ending inventery and cost of goods sold on December 31 under each of the following methods: 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: 2. Assume that the market price per unit (cost to replace) of Hall's inventory on December 31 was $16. Calculate the total amount to be assigned to