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 1700 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