Lower-of-Cost-or-Market Stolberg Company's teinning inventory and purchases during the fiscal year ended December 31, 20-, were as follows Units Unit Price Total Cost 10 $20 Jan.! Mari 5 Beginning inventory ist purchase 2nd purchase $200 220 10 22 Sept. 9 10 25 250 Dec 8 3rd purchase 10 30 300 40 1970 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. Calcuate the total amount to be assigned to the ending inventory under each of the following periodic Inventory methods 3. FIFO bi 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 anding inventory on December 31 under each of the following methods FIFO lower-of-cost-or-market D. Weighted average lower-of-cost-or-market Feedback Chock My Wors FIFO assumes that the oldest units have been sold and the newest or freshest units are in the ending inventory Weighed averago in determined by dividing the total cost of units available for sale by the total number of units available for sale Calcufate 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 wer-of-cost-or-market for parts 2(0) FIFO and 2(b) Weighted-average? If no entry is required, select "N- a. Loss on Write Dawn of Inventory Merchandise Inventory b. No Entry Required No Entry Required