Chapter $5/6$ Homework $($i$)$

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Brief Exercise $5-1($Algo$)$ Allocating product cost between cost of goods sold and ending inventory: multiple purchases. LO $5-1$

$3\mathrm{.}57$

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LoDo Designs sells smart phone cases that are custom designed by local artists. Its beginning inventory of cases was $150$ units at $$35$ per unit. During the year, the company made two batch purchases of these cases. The first was a $205-$unit purchase at $$38$ per unit;

$-$Book the second was a $275-$unit purchase at $$41$ per unit. During the period, it sold $515$ cases.

Prim

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.

$\backslash$table$[[,$HFO,LIFO$],[$Cost of goods sold,,$],[$Ending inventory,,$]]$

MC

$1$ of $7$

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