Lower-of-Cost-or-Market Bouie Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 20 $30 $600 Mar. 5 22 34 748 Beginning inventory 1st purchase 2nd purchase 3rd purchase Sept. 9 24 35 840 Dec. 8 22 40 880 88 $3,068 There are 20 units of inventory on hand on December 31. For the weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent. 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 340 X 2. Assume that the market price per unit (cost to replace) of Bouie's inventory on December 31, 20, was $39. Calculate the total amount to be December 31 under each of the following methods: a. FIFO lower of cost-or-market 2. Assume that the market price per unit (cost to replace) of Bouie's inventory on December 31, 20--, was $39. Calculate the total amount to be assigned to the en December 31 under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted average lower-of-cost-or-market Feedback Check My Work FIFO assumes that the oldest units have been sold and the newest of freshest units are in the ending inventory Weighted average is determined by dividing the total cost of units whilable for sale by the total number of units available for sale Calculate ending inventory at market and determine which amount should be shown on the company's balance sheet 3. What journal entry would be made under lower-of-cost or market for parts 2(a) FIFO and 2(b) Weighted average? If no entry is required, select "No Entry Required", I OD 5