Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 250 units at $46 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 310-unit purchase at $51 per unit; the second was a 380-unit purchase at $53 per unit. During the period, it sold 590 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. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.

Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 250 units at $46 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 310-unit purchase at $51 per unit; the second was a 380-unit purchase at $53 per unit. During the period, it sold 590 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. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter20: Inventory Management: Economic Order Quantity, Jit, And The Theory Of Constraints

Section: Chapter Questions

Problem 6E: Ottis, Inc., uses 640,000 plastic housing units each year in its production of paper shredders. The...

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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $46 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 310-unit purchase at $51 per unit; the second was a 355-unit purchase at $53 per unit. During the period, it sold 570 chairs. RequiredDetermine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses FIFO. LIFO. Weighted average. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)
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