$2$

Exercise $5-2$A $($Algo$)$ Allocating product cost between cost of goods sold and ending inventory LO $5-1$

$3\mathrm{.}57$

points

Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $$1,150$ and the other, $$1,500.$ Jones sold one of the items during the year.

ellook

Required

Hint

Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year$-$end

Pint financial statements, assuming use of following cost flow assumptions:

a$.$ FIFO

b$.$ LIFO

c$.$ Weighted average

$\backslash$table$[[,$FIFO,LIFO,$\backslash$table$[[$Weighted$],[$Average$]]],[$Cost of goods sold,,,$],[$Ending irventory,,,$]]$