In: Accounting
Jones Co. started the year with no inventory. During the year,
it purchased two identical inventory items at different times. The
first purchase cost $1,170 and the other, $1,500. Jones sold one of
the items during the year.
Required
Based on this information, how much product cost would be allocated
to cost of goods sold and ending inventory on the year-end
financial statements, assuming use of
a. FIFO?
b. LIFO?
c. Weighted average?