LoDo Designs sells smart phone cases that are custom designed by local artists. Its beginning inventory of cases was $182$ units at $$35$ per unit. During the year, Cortez made two batch purchases of these cases. The first was a $216-$unit purchase at $$38$ per unit, the second was a $330-$unit purchase at $$41$ per unit. During the period, it sold $592$ cases.

Required:

Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that LoDo Designs uses

a$.$ FIFO.

b$.$ LIFO.

$\backslash$table$[[,$FIFO,LIFO$],[$Cost of goods sold,,$],[$Ending inventory,,$]]$

Prev

$1$ of $10$

Next