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Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20, were...

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Accounting

Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20, were as shown Units Unit Price Total Cost 120- Beginning inventory 1,120 $ 7.90 $ 8,848 March Spurchase 920 8.90 8,188 16 2nd purchase 400 9:403,760 June 3 3rd purchase 690 10.106,969 August 18 4th purchase61010,80 6,588 September 13 5th purchase79011.80 9,322 November 14 6th purchase 42013.605,712 December 37th purchase 480 13.65 6,552 5,430$ 55,939 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.

2. Assume that the market per (cost to replace) of Douglas's 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 lowerof-cost-or-market Weighted-average lowerof-costmarket

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