Calculator Instructions Inventory Valuation Journal Entries Instructions ower-of

Question

Calculator Instructions Inventory Valuation Journal Entries Instructions ower-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 Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount be assigned to the ending inventory on December 31 under each of the following methods. 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 "O" Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units 10 10 10 10 40 Unit Price Total Cost Jan. 1 Mar. 5 Sept. 9 Dec. 8 Beginning inventory ist purchase 2nd purchase 3rd purchase $16 $160 220 250 300 $930 25 30

Explanation / Answer

1. a. FIFO

b. Weighted Average:

2. a. FIFO:

b. Weighted Average:

3.

$ 300

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