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 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 this chair. The first was a 226-unit purchase at $125 per unit; the second was a 264-unit purchase at $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:

FIFO.

LIFO.

Weighted average.

\begin{tabular}{|l||c||c|c|c|} \hline ReqA1 & ReqA2 & ReqB1 & ReqB2 & Req C \\ \hline \end{tabular} Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO. \begin{tabular}{|l|l|l|c|l|l|} \hline FIFO & Units & Unit Cost & CostofGoodsSold \\ \hline & & @ & = & \\ \hline & & @ & = & \\ \hline Total & & @ & = & \\ \hline \end{tabular} ReqA1ReqA2 Req B 1 Req C Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses FIFO. \begin{tabular}{|l|c|c|c|c|c|} \hline FIFO & Units & Unit Cost & EndingInventory \\ \hline & & @ & = & \\ \hline & @ & = & \\ \hline \end{tabular} Req A1 Req A2 Req B1 2 Req C Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses LIFO. \begin{tabular}{|l|c|c|c|c|c|} \hline LIFO & Units & Unit Cost & CostofGoodsSold \\ \hline & & @ & = & \\ \hline & & @ & = & \\ \hline Total & & @ & & = & \\ \hline \end{tabular} Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses LIFO. 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 and ending inventory, assuming that Cortez uses Weighted average. (Round your intermediate calculations and final answers to the nearest whole dollar amount.)