Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 the year, Cortez made two batch purchases of this chair. The first was a 315-unit purchase at $48 per unit; the second was a 400-uni purchase at $50 per unit. During the period, it sold 535 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez use a. FIFO. b. LIFO. c. Weighted average. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 the year, Cortez made two batch purchases of this chair. The first was a 315-unit purchase at $48 per unit; the second was a 400-uni purchase at $50 per unit. During the period, it sold 535 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez use a. FIFO. b. LIFO. c. Weighted average. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 units at $43 per unit. During
the year, Cortez made two batch purchases of this chair. The first was a 315-unit purchase at $48 per unit; the second was a 400-unit
purchase at $50 per unit. During the period, it sold 535 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
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