I have trouble finding LIFO and WEIGHT AVERAGE Exercise 5-18 Allocating...
80.2K
Verified Solution
Link Copied!
Question
Accounting
I have trouble finding LIFO and WEIGHT AVERAGE
Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple purchases LO 5-6 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $48 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 250-unit purchase at $53 per unit; the second was a 355-unit purchase at $55 per unit. During the period, it sold 540 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. FIFO b. LIFO c. Weighted average. (Do not round intermediate calculations, Round your final answers to nearest whole dollar amount.) FIFO LIFO Weighted Average Cost of goods sold Ending inventory $ 27,660 $ 15,675
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
