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 $50 per unit. During the year. Cortez made two batch purchases of this chair. The first was a 178-unit purchase at $57 per unit; the second was a 216-unit purchase at $60 per unit. During the period, It sold 300 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. Cost of Goods Sold Units Cost of Goods FIFO Unit Cost $ From beginning inventory From first purchase From second purchase Total 110 @ 178 @ 216 @ 504 501 = $ 571 = 80 $ Sold 5,500 10,146 12,960 28.606 Ending Inventory FIFO From second purchase Units Unit Cost Ending Inventory b. LIFO. Cost of Goods Sold LIFO Units Unit Cost Cost of Goods Sold @ Tota Ending Inventory LIFO Units Unit Cost Ending Inventory @ Total ending inventory