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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 units at $40 per unit. During the year,
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 units at $40 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 295-unit purchase at $45 per unit; the second was a 370-unit purchase at $47 per unit. During the period, it sold 545 chairs.
- Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses
a. FIFO.
b. LIFO.
c. Weighted average
FIFO | LIFO | Weighted Average | |
Cost of goods sold | ? | ? | ? |
Ending inventory | ? | ? | ? |
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