Brief Exercise $5-6($Algo$)$ Allocating product cost between cost of goods sold and ending inventory:

Multiple purchases. LO $5-6$

LoDo Designs sells smart phone cases that are custom designed by local artists. Its beginning inventory of cases was $190$ units at $

per unit. During the year, Cortez made two batch purchases of these cases. The first was a $220-$unit purchase at $$38$ per unit; the

second was a $350-$unit purchase at $$41$ per unit. During the period, it sold $620$ cases.

Required:

Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that LoDo

Designs uses

a$.$ FIFO.

b$.$ LIFO.