(Solved): Chapter 5/6 Homework (i) Help Serve 4 Ext 1 Brief Exercise 5-1 (Algo) Allocating product cost betwee ...

Chapter 5/6 Homework (i) Help Serve 4 Ext 1 Brief Exercise 5-1 (Algo) Allocating product cost between cost of goods sold and ending inventory: multiple purchases. LO 5-1 3.57 points LoDo Designs sells smart phone cases that are custom designed by local artists. Its beginning inventory of cases was 150 units at

per unit. During the year, the company made two batch purchases of these cases. The first was a 205 -unit purchase at

per unit; -Book the second was a 275 -unit purchase at

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. \table[[,HFO,LIFO],[Cost of goods sold,,],[Ending inventory,,]] MC 1 of 7 Next Graw जिना