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HELPP A,B,C Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $45 per unit. During
HELPP A,B,C
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 unitthe 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 From beginning inventory From first purchase From second purchase Total Cost of Goods Units Unit Cost Sold 100 $ 45 = $ 4,500 1741 511 8,874 20 @ 54 1,080 294 $ 14,454 a. FIFO: FIFO From beginning inventory From first purchase From second purchase Total Cost of Goods Units Unit Cost Sold 100 @ $ 45 = $ 4,500 1741 @ 51 = 8,874 20 @ 54 - 1,080 294 $ 14,454 $ 05:00 FIFO Units Unit Cost Ending Inventory $ b. LIFO: LIFO Units Unit Cost Cost of Goods Sold $ 0 11 @ 0 = 0 Total LIFO Units Unit Cost Ending Inventory s 0 0 $ 0 0 Total ending inventory c. Weighted average: (Round your intermediate calculations and final answers to the nearest whole dollar amount.) + 0 Cost of goods sold Ending inventory units units $ 0 Step by Step Solution
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