Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $60 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 150-unit purchase at $68 per unit; the second was a 200-unit purchase at $72 per unit. During the period, it sold 270 chairs.

1 100 2 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $60 per 3 unit. During the year, Cortez made two batch purchases of this chair. The first was a 150-unit purchase at $68 per unit; the 4. second was a 200-unit purchase at $72 per unit. During the period, it sold 270 chairs. S 150 200 560 $68 $72 270 26 b1. Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses LIFO. 27 28 (Use the cells from the given information to complete this question.) 29 @ @ Cost of Goods 30 LIFO Units Unit Cost Sold 31 From beginning inventory 32 From second purchase 200 $72 $14,400 33 From first purchase 70 $68 $4,760 34 Total 270 $19,160 35 36 b2. Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses LIFO. 37 38 (Use the cells from the given information to complete this question.) 39 Ending 40 LIFO Units Unit Cost Inventory 41 From beginning inventory 100 $60 $6,000 42 From first purchase 80 $5,440 43 Total ending inventory 180 $11,440 44 $68