9 Exercise 5 3A Algo Allocating product cost between cost of

Last updated: 3/4/2023

9 Exercise 5 3A Algo Allocating product cost between cost of goods sold and ending Inventory multiple purchases LO 5 1 4 06 Cortez Company sells chairs that are used at computer stations Its beginning Inventory of chairs was 150 units at 70 per unit During the year Cortez made two batch purchases of this chair The first was a 114 unit purchase at 79 per unit the second was a 232 unit purchase at 84 per unit During the period It sold 284 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 Complete this question by entering your answers in the tabs below Req A1 Req A2 FIFO Req B1 Determine the amount of product costs that would be allocated to cost of goods sold assuming that Cortez uses FIFO Cost of Goods So Units Req B2 E Unit Cost Reg C