Chopin Company Sells Product A

Essay

Chopin Company sells product A. The beginning inventory for product A was 70 units @ $240 per unit. During the year, Chopin purchased 110 units of product A at $216 per unit. The company sold 140 units of product A @ $400 per unit at the end of the year.
Required:Determine the amount of product cost that would be allocated to cost of goods sold and ending inventory using (1)FIFO, (2)LIFO, and (3)weighted average (when calculating weighted average cost per unit round to 2 decimal places).