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Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at cifferent times. The first purchase cost $1,270 and the other, $1,410. 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 following cost flow assumptions: o. FIFO? b. LIFO? c. Weighted average? The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: During the year, The Shirt Shop sold 730 T-shirts for $18 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average, b. Compute the difference in gross margin between the FIFO and LiFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average, (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) The Shirt Shop had the following transactions for T-shirts for Year 1. its first year of operations: During the year, The Shirt Shop sold 730 T-shirts for $18 each. Required 0. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Compute the difference in gross margin between the FIFO and UFO cost flow assumptions

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