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I'm not understanding how to calculate the weighted average, LIFO, and FIFO. LIFO and FIFO is a bit confusing. Exercise 5-3A Allocating product cost between

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I'm not understanding how to calculate the weighted average, LIFO, and FIFO. LIFO and FIFO is a bit confusing.

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 70 units at $85 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 206-unit purchase at $96 per unit; the second was a 244-unit purchase at $102 per unit. During the period, it sold 342 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 and correct. FIFO Units Unit Cost $ 85 = From beginning inventory From first purchase From second purchase OOO 70@ 206 @ Cost of Goods Sold $ 5,950 19,776 6,732 96 = 66 @ 102= Total 342 $ 32,458 Answer is not complete. FIFO Units Unit Cost Ending Inventory From second purchase @ 0 b. LIFO: Answer is complete but not entirely correct. LIFO Units Unit Cost 244 @ $ 102 $ From second purchase From first purchase Total Cost of Goods Sold 24,888 19,776 44,664 206 96 450 $ Answer is not complete. LIFO Units Unit Cost Ending Inventory $ 0 @ @ 0 Total ending inventory 0 $ 0 c. Weighted average: (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Answer is not complete. units @ = $ 0 Cost of goods sold Ending inventory units @ = $ 0

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