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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 110 units at $105 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 222-unit purchase at $119 per unit; the second was a 260-unit purchase at $126 per unit. During the period, it sold 366 chairs.

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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 $ 0 @ 0 @ @ 0 Total 0 $ 0 FIFO Units Unit Cost Ending Inventory @ $ 0 b. LIFO: LIFO Units Unit Cost Cost of Goods Sold s 0 @ @ = 0 0 Tota 0 s LIFO Units Unit Cost Ending Inventory S Total ending inventory 0 S 0 c. Weighted average: (Round your Intermediate calculations and final answers to the nearest whole dollar amount.) units = S Cost of goods sold Ending inventory @ @ units le = $ 0

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