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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. Units Unit Price Total Cost January 1 March 5 800 $ 11.00 600 12.00 April 16 500 12.50 June 3 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 700 14.00 800 August 18 September 13 15.00 $ 8,800 7,200 6,250 9,800 12,000 15,300 7,200 10,150 $ 76,700 900 17.00 November 14 400 18.00 December 3 500 20.30 5,200 There are 1,100 units of inventory on hand on December 31. 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 Cost of Ending Sold Inventory 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 If no entry is required, select "No Entry Required" 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 If no entry is required, select 'No Entry Required Description Debit Credit