Perez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $50 per unit. During the year, Perez made two batch purchases of this chair. The first was a 150-unit purchase at $55 per unit; the second was a 200-unit purchase at $58 per unit. During the period, it sold 260 chairs.
Required:
Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Perez uses
a. FIFO.
b. LIFO.
c. Weighted average.