Hall Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows:

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:
(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-averagelower-of-cost-or-market

Transcribed Image Text:

Units Unit Price Total Cost $ 8,800 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase January 1 March 5 April 16 June 3 August 18 September 13 November 14 December 3 $11.00 800 7,200 6,250 600 12.00 500 700 12.50 14.00 15.00 9,800 12,000 15,300 7,200 800 17.00 400 18.00 7th purchase 500 5,200 20.30 10,150 $76,700