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	$18		$180
Mar. 5	1st purchase	10	22		220
Sept. 9	2nd purchase	10	25		250
Dec. 8	3rd purchase	10	30		300
		40			950

There are 10 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 Method