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I have filled in part of this question and I am not sure if it is right. Cortez Company sells chairs that are used at
I have filled in part of this question and I am not sure if it is right.
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 From beginning inventory From first purchase From second purchase Total 100 @ 174 @ 201 294 Unit Cost Cost of Goods Sold $ 451 = $ 4.500 51 = 8.874 54 = 1,080 $ 14.454 FIFO Units Ending Unit Cost Inventory Es b.LIFO: LIFO From second purchase From first purchase Total Units 212 82 Unit Cost $ 54 - 51 = @ @ $ Sold 11,448 4.182 15,630 $ LIFO Units Unit Cost Ending Inventory Total ending inventory c. Weighted average: (Round your Intermediate calculations and final answers to the nearest whole dollar amount.) Cost of goods sold Ending inventory Cost of goods sold units units use ofStep by Step Solution
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