Cortez Company sells chairs that are used at computer stations. Its beginning...
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Accounting
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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