Cortez Company sells chairs that are used at computer stations. Its beginning Inventory of chairs was 150 units at $42 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 305-unit purchase at $47 per unit; the second was a 400-unit purchase at $49 per unit. During the period, it sold 495 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. b. LIFO. c. Weighted average. Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount. FIFO Weighted LIFO Average Cost of goods sold Ending inventory $ 22,595 $ 24,235 $ 23,275 $ 17,640 $ 16,909 $ 16,909

During the year, Wright Company sells 480 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year.   Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 50 $70 $3,500 May 5 Purchase 260 73 18,980 November 3 Purchase 210 78 16,380     520   $38,860   Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.)

Late in the year, Software City began carrying WordCrafter, a new word processing software program. At December 31, Software City's perpetual Inventory records included the following cost layers in its Inventory of WordCrafter programs. Purchase Date Nov. 14 Dec. 12 Total available for sale at Dec. 31 Quantity 10 28 38 Unit Cost $ 400 320 $ Total Cost $ 4,000 8,960 $12,960 a. At December 31, Software City takes a physical Inventory and finds that all 38 units of WordCrafter are on hand. However, the current replacement cost (wholesale price) of this product is only $250 per unit. 1. Prepare the entries to record this write-down of the Inventory to the lower-of-cost-or-market at December 31. (Company policy is to charge LCM adjustments of less than $2,000 to Cost of Goods Sold and larger amounts to a separate loss account.) 2. Prepare the entries to record the cash sale of 32 WordCrafter programs on January 9, at a retail price of $380 each. Assume that Software City uses the FIFO flow…

Ellie Inc. sold 6 similar items in February for $15 each. The company started with 3 items in inventory that cost $5. The following purchases were made during February: 2 items were purchased on February 3 with a unit cost of $8 1 item on February 15 with a unit cost of $8.50 4 items on February 22 with a unit cost of $7.50 What is the cost of goods sold using the FIFO method?