Exercise 5-3A (Algo) Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 Cortez Company sells chairs that are uned at computer stations. its beginning inventory of chairs was 110 units at $105 per unit During the year, Cortez made two botch purchoses of this chair. The first was a 222-unit purchase at $119 per unit the second was a 260 -ungt 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 soid and ending inventory, assuming that cortez uses: a. FIFO. b. LIFO. c. Weighted average. Complete this question by entering your answers in the tabs below. Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO