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Question - Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 240 units at $44 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 295-unit purchase at $49 per unit; the second was a 360-unit purchase at $51 per unit. During the period, it sold 565 chairs.
Required - Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses
1. FIFO.
2. LIFO.
3. Weighted average.
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