Problem:
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 50 units at $20 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 154-unit purchase at $23 per unit; the second was a 192-unit purchase at $24 per unit. During the period, it sold 264 chairs.
Required:
Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses