How do you calculate the total amount to be assigned to the ending inventory and cost of goods sold December 31 under each of the following methods? Online teachs v2.cengagenow.comKeAssignment/tareeBookCost Allocation and Lower-of-Cost-or-MarketDouglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.Units Unit Price Total CostJanuary 1, 20-- Beginning inventory1,110 $8.000888,100March 51st purchase9009.00April 162nd purchase4209.503,990June 33rd purchase72010.207,344August 184th purchase600 10.906,540September 135th purchase78011.909,282November 146th purchase38013.805,244December 37th purchase48013.856,6485,390S 56,028There are 1.000 units of inventory on hand on December 31.Required:1. Calculate the total amount to be assigned to the ending inventory and cost of gdods sold on December 31 under each of the folcCost of GoodsCost of EndingSoldInventory5,39056,028a. FIFO12144 There are 1,000 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:Cost of GoodsCost of EndingSoldInventorya. FIFOb. LIFOc. Weighted-average (round calculations to twodecimal 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 inventoa. FIFO lower-of-cost-or-marketb. Weighted-average lower-of-cost-or-market3. Prepare required entries to apply:a. FIFO lower-of-cost-or-marketb. Weighted-average lower-of-cost-or-marketIf no entry is required, select "No Entry Required".DescriptionDebitCreditCheck My Work 2 more Check My Work uses remainingAIL work saved.Assignment Score: 33.89%a メType here to search

Name: How do you calculate the total amount to be assigned to the ending inv
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Description: How do you calculate the total amount to be assigned to the ending inventory and cost of goods sold December 31 under each of the following methods? Online teachs v2.cengagenow.comKeAssignment/tareeBookCost Allocation and Lower-of-Cost-or-MarketDougl

Cost of goods sold refers to the amount of expenses involved in producing the certain volume of…

Answered: December 31 under each of the following…

Business

Accounting

December 31 under each of the following methods?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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