Cost Allocation and Lower-of-Cost-or-Market 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: 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". \begin{tabular}{|lll|} \hline \multicolumn{1}{|c|}{ Description } & Debit & Credit \\ \hline a. Loss on Write-Down of Inventory \\ b. Nondise Inventory Entry Required \\ No Entry Required \end{tabular}