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Jones Co. started the year with no inventory. During the year, it purchased two identical inventory...

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Question

Accounting

Jones Co. started the year with no inventory. During the year,it purchased two identical inventory items at different times. Thefirst purchase cost $1,170 and the other, $1,500. Jones sold one ofthe items during the year.

Required
Based on this information, how much product cost would be allocatedto cost of goods sold and ending inventory on the year-endfinancial statements, assuming use of

a. FIFO?
b. LIFO?
c. Weighted average?

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