automat Seved Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 120 units at $110 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 226-unit purchase at $125 per unit; the second was a 264-unit purchase at $132 per unit. During the period, it sold 372 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO: Cost of Goods Sold FIFO Units Unit Cost From beginning inventory 120 110 13,200 From first purchase 226 @ 125 28.250 From second purchase 132 346 Total 41.450 1 of 7 Next Saved Ending Inventory FIFO Units Unit Cost From second purchase 132 $ 34,848 b. LIFO: Cost of Goods Sold Unit Cost LIFO Units From first purchase From second purchase Total Ending Inventory LIFO Units Unit Cost $ 0 Total ending inventory 0 S 0 Weighted average: (Round your intermediate calculations and final answers to the nearest whole dollar amount.) C. units @ Cost of goods sold units @ 0 S Ending inventory