70.2K

Verified Solution

Link Copied!

For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: = B3 + C3 A B F G H 1 1 100 150 200 $60 $68 $72 270 2 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $60 3 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 150-unit purchase at $68 per 4 unit; the second was a 200-unit purchase at $72 per unit. During the period, it sold 270 chairs. 5 6 Required a1. Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO. 9. (Use the cells from the given information to complete this question.) 10 7 8 11 Cost of FIFO Units Unit Cost Goods Sold 12 13. From first purchase 14 From second purchase 15 Total 16 17 a2. Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses FIFO. 18 19 (Use the cells from the given information to complete this question.) 20 Ending Inventory FIFO Units Unit Cost 21 22 23 24 25 26 bi. Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses LIFO. 28 (Use the cells from the given information to complete this question.) 27 29 Cost of Goods Sold UFO Units Unit Cost 30 31 32 33 34 Total K A B D 25 F G H 26 bi. Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses LIFO. 27 28 (Use the cells from the given information to complete this question.) 29 LIFO Units Unit Cost Cost of Goods Sold 30 31 32 33 34 Total 35 36 b2. Determine the amount of product costs that would be allocated to ending Inventory, assuming that Cortez uses LIFO. 38 (Use the cells from the given information to complete this question.) 37 39 LIFO Ending 40 Units Unit Cost Inventory 41 42 43 Total ending Inventory 44 45 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. 46 47 (Use the cells from the given information to complete this question.) 48 49 50 Cost of goods sold units 51 Ending inventory units 52 53

Answer & Explanation Solved by verified expert

See Answer