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?
