Business, 13.04.2021 01:50 kaylinreed7

Lower-of-Cost-or-Market 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 $20 $200
Mar. 5 1st purchase 10 22 220
Sept. 9 2nd purchase 10 25 250
Dec. 8 3rd purchase 10 30 300
40 $970
There are 10 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 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 $
b. Weighted-average lower-of-cost-or-market $

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