Lopez Company sells chairs that are used at computer stations. Its beginning inventory of chairs in Year 1 was 100 units at $60 per unit. During the year, Lopez made two purchases of this chair. The first was a 150-units purchase at $68 per unit; the second was a 200-unit purchase at $72 per unit. During Year 1, it sold 270 chairs at $120 each.

During Year 2, Lopez made two additional purchases of this chair. The first was a 100-unit purchase at $73 per unit; the second was a 300-unit purchase at $75 per unit. During Year 2, it sold 215 chairs at $125 each.

Lopez applies the FIFO cost flow assumption.

1. What is the amount of COGS Lopez should report for Year 1?

$17,640

$32,400

$16,200

$19,440

2. What is the amount of gross profit Lopez should report for Year 1?

$32,440

$19,440

$12,960

$14,760

3. What is the amount of ending inventory Lopez should report for Year 1?

$14,440

$12,960

$21,600

$22,500

4. What is the amount of gross profit Lopez should report for Year 2?

$11,360

$15,515

$26,875

$42,390

5. What is the amount of ending inventory Lopez should report for Year 2?

$22,500

$4,745

$27,245

$29,800