Answer Happy

Lower-of-Cost-or-Market Bouie 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 20 $24 $480 Mar. 5 1st purchase 22 34 748 Sept. 9 2nd purchase 24 35 840 Dec. 8 3rd purchase 22 40 880 88 $2,948 There are 20 units of inventory on hand on December 31. 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 (round calculations to two decimal places) $ 2. Assume that the market price per unit (cost to replace) of Bouie's inventory on December 31, 20--, was $39. 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. 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. b. 00 00 00 00