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Lost here please help... Spice Co. started the year with no inventory. During the year,...

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Accounting

Lost here please help...

Spice Co. started the year with no inventory. During the year, it purchased two identical inventory items. The inventory was purchased at different times. The first purchase cost $3,600 and the other, $4,200. One of the items was sold during the year:

Based on the infomation, 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?

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