Question

Perez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $50 per unit. During the year, Perez made two batch purchases of this chair. The first was a 150-unit purchase at $55 per unit; the second was a 200-unit purchase at $58 per unit. During the period, it sold 260 chairs.

Required
Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Perez uses
a. FIFO.
b. LIFO.
c. Weighted average.



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  • CreatedOctober 26, 2013
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