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eBook Cost Allocation and Lower-of-Cost-or-Market Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. Units Unit Price Total Cost 1,090 $ 8.00 $ 8,720 890 9.00 8,010 400 9.50 3,800 700 10.20 7,140 January 1, 20-- Beginning inventory March 5 1st purchase April 16 2nd purchase June 3 3rd purchase August 18 4th purchase September 13 5th purchase November 14 6th purchase December 3 7th purchase 580 10.90 6,322 800 11.90 9,520 410 14.00 5,740 520 14.05 7,306 5,390 $ 56,558 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 metha Cost of Goods Cost of Ending Inventory Sold 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 Inventory Sold $ a. FIFO 13,879 42,679 $ b. LIFO 8,000 48,558 $ C. Weighted average (round calculations to two decimal places) 10,493 46,065 2. Assume that the market price per unit (cost to replace) of Douglas's inventory on December 31 was $13. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: 13 X a. FIFO lower-of-cost-or-market 10.49 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": Debit Credit Description A79 PREVIOUS Loss on Write-Down of Inventory 22 E eBook 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 a. 879 Loss on Write-Down of Inventory V Merchandise Inventory 879 b. No Entry Required No Entry Required Feedback Check My Work FIFO assumes that the oldest units have been sold and the newest or freshest units are in the ending inverton Weighted average is determined by dividing the total cost of units available for sale by the total number of for Under the lower-of-cost-or-market, you may need to make an entry if the market replacement cost the Recall, the inventory has already been recorded at cost. If the cost is lower ty is needed