5 Jones Co. started the year with no inventory. During the year, purchase cost $1,150 and the other, $1,600. Jones sold one of the items during the year. purchased two identical inventory items at different times. The first 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 12,5 points a. FIFO? b, LIFO? eBook c. Weighted average? Weighted Average FIFO LIFO References Cost of goods sold En inventory LO