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 $190 Mar. 5 1st purchase 220 2nd purchase Sept. 9 Dec. 8 3rd purchase 250 300 $960 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 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 a the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market Previous Next