Rainey Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 200 units at $25 per unit. During the year, Rainey made two batch purchases of coffee makers. The first was a 300-unit purchase at $30 per unit; the second was a 250-unit purchase at $35 per unit. During the period, Rainey sold 700 coffee makers.

Requirement 1:

Determine the amount of product costs. (Omit the "$" sign in your response.)

Product cost

$

Requirement 2:

Allocate the product costs to cost of goods sold and ending inventory, assuming that Rainey uses (Round Cost per unit to two decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response):

(a)

FIFO

Cost of goods sold	$
Ending inventory	$

(b)

LIFO

Cost of goods sold	$
Ending inventory	$

(c)	Weighted average

Cost of goods sold	$
Ending inventory	$

References

eBook & Resources