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 100 units at $45 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 174-unit purchase at $51 per unit; the second was a 212-unit purchase at $54 per unit. During the period, it sold 294 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
	FIFO Units unit cost cost of goods sold @ = @ = @ = Total ______ __________ b. LIFO: LIFO units unit cost cost of goods sold @ = $ @ = ________ __________ LIFO units unit cost ending inventory @ = @ = total ending inventory _______ ____________ c. weighted average cost of goods sold units @ =$ ending inventory units@ =$