Required: 1. Calculate the total amount to be assigned to the ending inventory and cost of...

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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: a. FIFO Cost of Goods Sold Cost of Ending Inventory $ 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". a. b. Description Debit Credit 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: a. FIFO Cost of Goods Sold Cost of Ending Inventory $ 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". a. b. Description Debit Credit