Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 110 units at $105 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 222-unit purchase at $119 per unit; the second was a 260-unit purchase at $126 per unit. During the period, it sold 366 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: FIFO Units Unit Cost Om $ From beginning inventory From first purchase From second purchase Total 110 @ 222 @ 341 @ 366 105 = 119 = 126 = Cost of Goods Sold $ 11,550 26,418 4,284 $ 42,252 FIFO Units 226 @ Unit Cost $ 126 = Ending Inventory $ 28,476 | b. LIFO: LIFO From second purchase From first purchase Total Units 260 106 366 @ @ Unit Cost $ 126 = 119 = Cost of Goods Sold $ 32,760 12,614 $ 45,374 LIFO Units From second purchase From first purchase Total ending inventory 260 @ 106 @ 366 Unit Cost $ 126 = (70) = Ending Inventory $ 32,760 (7,420) $ 25,340 -. Weighted average: (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Cost of goods sold Ending inventory L 366 units @ 2 26 units @ $ $ 120 = 120 = $ $ 43,920 27,120