Return to question 1 Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 4 points Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 70 units at $85 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 206-unit purchase at $96 per unit; the second was a 244-unit purchase at $102 per unit. During the period, it sold 342 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: Answer is complete but not entirely correct. FIFO Units Unit Cost $ Cost of Goods Sold $ 5,950 19,776 From beginning inventory From first purchase From second purchase Total 70@ 206@ 244 x @ 520 85 = 96 102= 24,888 50,614 4 points FIFO Units Answer is not complete. Unit Ending Cost @ $ Inventory From second purchase 0 b. LIFO Answer is complete but not entirely correct. Cost of LIFO Units Unit Cost S 102 - From second purchase From first purchase Total 244 206 @ 450 Goods Sold 24,888 19,776 44,664 96 4 points FIFO Units Answer is not complete. Unit Ending Cost @ $ Inventory From second purchase 0 b. LIFO Answer is complete but not entirely correct. Cost of LIFO Units Unit Cost S 102 - From second purchase From first purchase Total 244 206 @ 450 Goods Sold 24,888 19,776 44,664 96 4 points % Answer is not complete. LIFO Units Unit Cost Ending Inventory S 0 @ @ 0 Total ending inventory 0 $ 0 c. Weighted average: (Round your intermediate calculations and final answers to the nearest whole dollar amount.) * Answer is not complete. units @ $ 0 Cost of goods sold Ending inventory units = $ 0