Exercise 5-15A (Static) Recording credit card sales LO 5-5 Luna Company accepted credit cards in payment for $6,000 of services performed during July. The credit card company charged Luna a 4 percent service fee; it paid Luna as soon as it recelved the invoices. Required Based on this information alone, what is the amount of net income earned during the month of July? Exercise 5-18A (Static) Allocating product cost between cost of goods sold and ending inventory: Multiple purchases LO 5.6 Cortez Company seils chairs that are used ot computer statons, its peginging afvelhigry or chaiss wos roo uniss at $60 per unit During the year, Cortez made two batch purchases of this chat, The first was a 150 , un putch a purchase at $72 per unt. Dunng the period. it sold 270 chairs. Required Required Determine the amount of product costs that would be allocated to cost of gopos sold and enging inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average