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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 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 thi chair. The first was a 226-unit purchase at $125 per unit; the second was a 264-unit purchase $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 0 Total FIFO Units Unit Cost b. LIFO: Unit Cost Cost of Goods LIFO Units Total Ending Unit CostInventory LIFO Units Total ending inventory c. Weighted average: (Round your intermediate calculations and final answers to the neares whole dollar amount.) Cost of goods sold Ending inventory units@ units @ Next > 2
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