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Exercise 5-3A (Algo) Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 51 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 110 units at $50 per unit. During the year, Cortez made two batch purchases of this chair, The first was a 178-unit purchase at $57 per unit; the second was a 216 -unit purchase at $60 per unit. During the period, it sold 300 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. FFO. b. LIFO. c. Weighted average. Complete this question by entering your answers in the tabs below. Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFo. a. FIFO. b. LIFO. c. Weighted average. Complete this question by entering your answers in the tabs below. b. LIFO. c. Weighted average. Complete this question by entering your answers in the tabs below. Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses FIFO. c. Weighted average. Complete this question by entering your answers in the tabs below. c. Weighted average. Complete this question by entering your answers in the tabs below. a. FIFO. b. LIFO. c. Weighted average. Complete this question by entering your answers in the tabs below. Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses Weighted average. (Round your intermediate calculations and final answers to the nearest whole dollar amount.)

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