Units Unit Price Total Cost January 1, 20-- Beginning Inventory 1,100 $ 8.00 $ 8,800 March 5 1st purchase 900 9.00 8,100 April 16 2nd purchase 400 9.50 3,800 June 3 3rd purchase 700 10.25 7,175 August 18 4th purchase 600 11.00 6,600 September 13 5th purchase 800 12.00 9,600 November 14 6th purchase 400 14.00 5,600 December 3 7th purchase 500 14.05 7,025 5.400 56,700 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 cost of goods sold on December 31 under each of the following methods: Cost of Goods Cost of Ending Sold Inventory 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 If no entry is required, select "No Entry Required". Previous Next Check My Work