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Question - Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $47 per unit. During the year, Cortez made two batch purchases of this chair. The ?rst was a 275-unit purchase at $52 per unit; the second was a 395-unit purchase at $54 per unit. During the period, it sold 535 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
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