# Hall Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: There are 1,100

## Question:

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

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...

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