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b. LIFO. Cost of Goods Sold Units Unit Cost LIFO From second purchase From first purchase Total Cost of Goods Sold $ 0 $ Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 60 units at $25 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 158-unit purchase at $28 per unit; the second was a 196-unit purchase at $30 per unit. During the period, it sold 270 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. Cost of Goods Sold Units Unit Cost 25 = $ FIFO From beginning inventory From first purchase From second purchase Total 28= 60 @ $ 158 @ 52] @ 270 Cost of Goods Sold 1,500 4,424 1,560 $ 7,484 30 = Ending Inventory LIFO Units Unit Cost Ending Inventory 0 @ $ From beginning inventory From first purchase Total ending inventory 6) 0 $ c. Weighted average. (Round your intermediate calculations and final answers Cost of goods sold Ending inventory units @ units @ $ $ 0 0 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 60 units at $25 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 158-unit purchase at $28 per unit; the second was a 196-unit purchase at $30 per unit. During the period, it sold 270 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. Cost of Goods Sold Units Unit Cost 25 = $ FIFO From beginning inventory From first purchase From second purchase Total 28= 60 @ $ 158 @ 52] @ 270 Cost of Goods Sold 1,500 4,424 1,560 $ 7,484 30 = Ending Inventory FIFO From second purchase Units Unit Cost Ending Inventory $ 0

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