Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $46 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 310-unit purchase at $51 per unit; the second was a 355-unit purchase at $53 per unit. During the period, it sold 570 chairs. RequiredDetermine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez usesFIFO.LIFO.Weighted average. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez usesa. FIFO.b. LIFO.c. Weighted average. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)Cost of goods soldEnding inventoryFIFOLIFOWeightedAverage

The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Using…

Answered: stations. Its beginning inventory of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...

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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $46 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 310-unit purchase at $51 per unit; the second was a 355-unit purchase at $53 per unit. During the period, it sold 570 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 average. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)

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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