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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 240 units at $47 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 310-unit purchase at $52 per unit; the second was a 360-unit purchase at $54 per unit. During the period, it sold 630 chairs. Required
Problem 1: Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses
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