Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 190 units at $46 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 310-unit purchase at $51 per unit; the second was a 370-unit purchase at $53 per unit. During the period, it sold 550 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. Cost of goods sold Ending inventory FIFO LIFO Weighted Average
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 190 units at $46 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 310-unit purchase at $51 per unit; the second was a 370-unit purchase at $53 per unit. During the period, it sold 550 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. Cost of goods sold Ending inventory FIFO LIFO Weighted Average
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 190 units at $46 per unit. During
the year, Cortez made two batch purchases of this chair. The first was a 310-unit purchase at $51 per unit; the second was a 370-unit
purchase at $53 per unit. During the period, it sold 550 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.
Cost of goods sold
Ending inventory
FIFO
LIFO
Weighted
Average
52
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