Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $60 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 150-unit purchase at $68 per unit; the second was a 200-unit purchase at $72 per unit. During the period, it sold 270 chairs. points 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 From beginning inventory From first purchase From second purchase Units 100 150 20 270 Unit Cost $ 60 68 72 @ @ @ BU Cost of Goods Sold $ $ 6.000 10.200 = = = 1,440 17.640 Total $ Answer is complete but not entirely correct. Unit Cost FIFO From second purchase Units 30,600 Ending Inventory (539,784,000) @ 17,640) = b. LIFO: Answer is complete and correct. LIFO Units Unit Cost $ 72 68 $ From second purchase From first purchase Total 200 70 270 @ @ = = Cost of Goods Sold 14,400 4,760 19,160 $ Answer is not complete. Unit LIFO Units Cost Ending Inventory 0 Total ending inventory c. Weighted average: & Answer is not complete. 30,600 X units @ $ Cost of goods sold Ending inventory 450 = = $13,770,000 $ 0 units