Instructions Lower-of-Cost-or-Market For the weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods. 2. Assume that the market price per unit (cost to replace) of Bouie's inventory on December 31, 20-, was $39. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods. 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, type "No entry required" for the account name and leave the amount boxes blank or enter "0". I Boule Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Jan. 1 Beginning inventory Mar. 5 1st purchase Feedback Units Unit Price $35 Total Cost $700 22 34 748 20 22 Instructions ku be assignED TO ME ending nventory vir December of unuci caci di une following mECIOUS. 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, type "No entry required" for the account name and leave the amount boxes blank or enter "0". Bouie Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Jan. 1 Beginning inventory Mar. 5 1st purchase Sept. 9 2nd purchase Dec. 8 3rd purchase Units Unit Price Total Cost 20 $35 $700 22 34 748 24 35 840 22 40 880 88 $3,168 There are 20 units of inventory on hand on December 31. Inventory Valuation For the weighted average method, round calculations to two decimal places. If required, round your final answers to the nearest cent. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO X b. Weighted-average x 2. Assume that the market price per unit (cost to replace) of Boule's inventory on December 31, 20, was $39. 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 x b. Weighted-average lower-of-cost-or-market Check My Work < a. FIFO x b. Weighted-average $ x 2. Assume that the market price per unit (cost to replace) of Boule's inventory on December 31, 20, was $39. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following pethods: a. FIFO lower-of-cost-or-market x b. Weighted-average lower-of-cost-or-market X