Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was...
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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 140 units at $65 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 130-unit purchase at $74 per unit; the second was a 228-unit purchase at $78 per unit. During the period, it sold 288 chairs. Required a-1. Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO. a-2. Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses FIFO. b-1. Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses LIFO. b-2 Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses LIFO. c. Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses Weighted average. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req C Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO. Units Unit Cost Cost of Goods Sold Req A1 Total Req A2 FIFO at at at = Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 140 units at $65 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 130-unit purchase at $74 per unit; the second was a 228-unit purchase at $78 per unit. During the period, it sold 288 chairs. Required a-1. Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO. a-2. Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses FIFO. b-1. Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses LIFO. b-2 Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses LIFO. c. Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses Weighted average. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req C Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO. Units Unit Cost Cost of Goods Sold Req A1 Total Req A2 FIFO at at at =
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SOLUTION a1 Determine the amount of product costs that would be allocated to cost of goods sold assuming Cortez uses FIFO Under the FIFO firstin firstout method the cost of goods sold is calculated ba... View the full answer
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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