Lower-of-Cost-or-Market Boule 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 20 $21 $420 Mar. 51 1st purchase 22 34 748 Sept. 9 2nd purchase 24 35 840 Dec. 8 3rd purchase 22 40 880 88 $2,888 There are 20 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 800 b. Weighted average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Boule's inventory on December 31, 20, was $39. 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 (round calculations to two decimal places) 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 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 w.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-takeAssignmentSessionLocator &inprogress=false sme eBook Show Me How FIFO assumes that the oldest units have been sold and the newest or freshest units are in the ending inventory. Weighted average is determined by dividing the total cost of units available 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 14 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. a. Loss on Write-Down of Inventory Herchandise Inventory b. No Entry Required No Entry Required 88