Specific identification COST ALLOCATION AND LOWER OF COST OR-MARKET Douglas Company's beginning inv were as follows: entory and purchases during the fiscal year ended December 31, 20-, Units Unit Price Total Cost January 1, 20 March S April 16 Beginning inventory Ist purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 1,100 900 400 700 600 800 400 $ 8.00 9.00 9.50 10.25 11.00 12.00 $ 8,800 8,100 3,800 7,175 6,600 9,600 5,600 7,025 $56,700 August 18 September 13 November 14 December 3 14.05 400 There are 1,000 units of inventory on hand on December 31. REQUIRED 1. Calculate the total amount to be assigned to the ending inventory and c goods sold on December 3 1 under each of the following methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Douglas's inventory on December 31 was $13. 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 3. Prepare required entries to apply: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market