Hall Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost January 1 Beginning inventory 800 $11.00 $8,800 March 5 1st purchase 600 12.00 7,200 April 16 2nd purchase 500 12.50 6,250 June 3 3rd purchase 700 14.00 9,800 August 18 4th purchase 800 15.00 12,000 September 13 5th purchase 900 17.00 15,300 November 14 6th purchase 400 18.00 7,200 December 3 7th purchase 500 20.30 10,150 5,200 $76,700 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: (a) FIFO (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 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