Allocating product cost between cost of goods sold and ending inventory purchases Cortez Company sells chairs that are used at computer stations. Its beginning inventory of was 100 units at exist60 per unit. During the year, Cortez made two batch purchases of this The first was a 150-unit purchase at exist68 per unit: the second was a 200-unit. During the period, it sold 270 chairs. Determine the amount of product costs that would be allocated to cost of goods sold and inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average