Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs...
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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was units at $ per unit. During the year, Cortez made two batch purchases of this chair. The first was a unit purchase at $ per unit; the second was a unit purchase at $ per unit. During the period, it sold chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses FIFO. LIFO. Weighted avg cost of goods sold: FIFO LIFO Weighted Average ending inventory: FIFO LIFO Weighted Average
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was units at $ per unit. During the year, Cortez made two batch purchases of this chair. The first was a unit purchase at $ per unit; the second was a unit purchase at $ per unit. During the period, it sold chairs.
Required
Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses
FIFO.
LIFO.
Weighted avg
cost of goods sold: FIFO LIFO Weighted Average
ending inventory: FIFO LIFO Weighted Average
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