# InstructionsInventory ValuationJournal EntriesInstructionsLower-of-Cost-or-MarketFor 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. FIFOb. Weighted-average2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was \$26. Calculate the total amount to be assigned to the ending inventory on December 31 under each ofthe following methods:a. FIFO lower-of-cost-or-marketb. Weighted-average lower-of-cost-or-market3. 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" in the account name box and leave the amount boxes blank or enter "0"Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows:Total CostUnitsUnit PriceJan. 1\$20\$200Beginning inventory101st purchaseMar, 51022220Sept. 92nd purchase10252503rd purchaseDec. 81030300\$97040There are 10 units of inventory on hand on December 31.

Question
88 views
check_circle

Step 1

Requirement 1 a):

Calculate the cost of ending inventory under FIFO (Periodic inventory system):

Step 2

Requirement 1 b):

Calculate the cost of ending inventory under weighted average cost method (Periodic inventory system):

Step 3

Requirement 2 a):

Calculate the cost of ending inventory under FIFO me...

### Want to see the full answer?

See Solution

#### Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in