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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $44 per unit. During the
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $44 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 305-unit purchase at $49 per unit; the second was a 390-unit purchase at $51 per unit. During the period, it sold 555 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. b. LIFO. c. Weighted average. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Cost of goods sold Ending inventory FIFO LIFO Weighted Average $ 26,155 $ 27,975 $ 18,360 $ 16,540
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a FIFO Cost of goods sold 220 44 305 49 30 51 9680 14945 15300 39925 Ending inventor...Get Instant Access to Expert-Tailored Solutions
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