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E 13-5A (LO3) V 1. End. inv., FIFO: $300.00 Weighted avg.: $242.50 10 LOWER-OF-COST-OR-MARKET Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 10 $20 Mar. 5 $200 1st purchase 10 22 220 Sept. 9 2nd purchase 25 250 Dec. 8 3rd purchase 10 30 300 40 $970 There are 10 units of inventory on hand on December 31. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: (a) FIFO (b) Weighted average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20-, was $26. 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. What journal entry would be made under lower-of-cost-or-market for parts 2(a) and (b) above