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Determine the amount of product costs

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Reference no: EM132519919

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

Reference no: EM132519919

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