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Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 Cortez Company sells chairs that are used at
Exercise 5-3A 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 60 units at $25 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 158-unit purchase at $28 per unit; the second was a 196-unit purchase at $30 per unit. During the period, it sold 270 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 Unit Cost ost Goods Sold FIFO Units Total nit Cost Ending Invento FIFO Units b. LIFO: Unit Cost Cost o Goods Sold LIFO Units Total Unit Cost Ending Invento LIFO Units Total ending inven c. Weighted average: (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Cost of goods sold Ending invento units units@
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