Douglas company?s beginning inventory and purchases during the fiscal year ended December 31, 20?, were as follows: There are 1,000 unites of inventory on hand on December 31.

Required: For the weighted-average method, round calculations to two places. Round all final answer to the nearest dollar. 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the of the following methods:

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:

FIFO lower - of - cost - or - market

Weighted-average lower - of - cost - or - market

If no entry is required, select ''No entry required'' and leave the amount boxes blank or enter '0'.

Transcribed Image Text:

a. FIFO b. LIFO c. Weighted-average Cost of Goods Sold Cost of Ending Inventory a. b. Description Debit Credit a. FIFO b. LIFO c. Weighted-average Cost of Goods Sold Cost of Ending Inventory a. b. Description Debit Credit

Answer rating: 100% (QA)

1 No of unit purchases including beginning inventory 5300 Sales 5300 1000 4300 Cost of goods sold ... View the full answer