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 140 units at $65 per unit. During the year, Cortez made two batch purchases of this choir. The first was a 130-unit purchase at $74 per unit: the second was a 228-unit purchase at $78 per unit. During the period, it sold 288 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: Answer is complete but not entirely correct. FIFO Units Unit Cost s H From beginning inventory From first purchase From second purchase Total O 140 130 228X 498 Cost of Goods Sold 9.100 9,620 17,784 36,504 656 74 786 SO Is FIFO Units Answer is not complete. Unit Ending Cost Inventory 0 b. LIFO: Answer is complete and correct. LIFO Units Unit Cost el S From second purchase From first purchase Total 228 60 288 78 74 Cost of Goods Sold $ 17,784 4.440 $ 22,224 x Answer is not complete. LIFO Units Unit Cost Ending Inventory $ 0 0 Is 0 Total ending inventory 0 c. Weighted average: (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Answer is complete and correct. 288 units S 73 $ 21,024 Cost of goods sold Ending Inventory 210 units $ 73 $ 15,330