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For the weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent. Instructions : For the weighted-average

For the weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent.


Instructions:

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.

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.

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, type "No entry required" in the account name box and leave the amount boxes blank or enter "0".


Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows:

UnitsUnit PriceTotal Cost
Jan. 1Beginning inventory10$21      $210      
Mar. 51st purchase1022      220      
Sept. 92nd purchase1025      250      
Dec. 83rd purchase1030      300      
40$980      


There are 10 units of inventory on hand on December 31.

Inventory Valuation

For the weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent.


Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods:

a. FIFO $

b. Weighted-average $

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 $


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1 a FIFO 30000 b Weighted average 24500 Working Units Uni... blur-text-image

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