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 a Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO. a Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses FIFO. b Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses LIFO. b Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses LIFO. c Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses 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
a Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO.
a Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses FIFO.
b Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses LIFO.
b Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses LIFO.
c Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses Weighted average.
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