Answer Happy

Cost Allocation and Lower-of-Cost-or-Market Hall Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. Units Unit Price Total Cost January 1 Beginning inventory 800 $11.00 $ 8,800 1st purchase 600 12.00 7,200 2nd purchase 500 12.50 6,250 700 14.00 9,800 March 5 April 16 June 3 August 18 September 13 November 14 December 3 800 15.00 12,000 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 17.00 15,300 900 400 18.00 7,200 500 20.30 10,150 $76,700 5,200 There are 1,100 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 Sold Cost of Ending 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 Hall's inventory on December 31 was $16. 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 00
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". Description a. Debit Credit