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 $10$ $$19$ $$190$

Mar. $51$st purchase $1022220$

Sept. $92$nd purchase $1025250$

Dec. $83$rd purchase $1030300$

$40$ $$960$

There are $10$ units of inventory on hand on December $31.$

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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

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$260$

b$.$ Weighted$-$average

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$240$

$2.$ 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 of the following methods:

a$.$ FIFO lower$-$of$-$cost$-$or$-$market

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b$.$ Weighted$-$average lower$-$of$-$cost$-$or$-$market

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$3.$ What journal entry would be made under lower$-$of$-$cost$-$or$-$market for parts $2($a$)$ FIFO and $2($b$)$ Weighted$-$average? If no entry is required, select $"$No Entry Required".

a$.$

Loss on Write$-$Down of Inventory

Loss on Write$-$Down of Inventory

$40$

Loss on Write$-$Down of Inventory

Merchandise Inventory

Merchandise Inventory

Merchandise Inventory

$40$

b$.$

Loss on Write$-$Down of Inventory

Loss on Write$-$Down of Inventory

Loss on Write$-$Down of Inventory

$-$ Select $-$

$-$ Select $-$