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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 240 units at $50 per unit. During the year, Cortez made two batch purchases of this chair. The first was a
300-unit purchase at $55 per unit; the second was a 385-unit purchase at $57 per unit. During the period, it sold 570 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.
b. LIFO.
c. Weighted average. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)
FIFO
LIFO
Weighted
Average
Cost of goods sold
$ 30,210
$
31,085
Ending inventory
$ 20,235
$
19,360

Top Answer

LIFO Cost of Goods Sold $32... View the full answer

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