R. & K. 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 inventory20

$12

$240

Apr. 2 - 1stPurchase30

$13

390

Aug. 6 - 2ndPurchase25

$14

350

Nov. 9 - 3rdPurchase25

$18

450

$1,430

There are 20 units of inventory on hand at December 31, 20--.

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

a. First-in, first-out (FIFO)$____b. Last-in, first-out (LIFO)$_____

2.Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. 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$____b. Weighted-average lower-of-cost-or-market$____