Chapter 5 exercises 1 0.5 points eBook Saved Help Save & Exit Submit Check my work Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,170 and the other, $1,400. 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 a. FIFO? b. LIFO? c. Weighted average? Hint Weighted FIFO LIFO Average Cost of goods sold $ 1,170 $ 1,400 Ending inventory $ 1,400 $ 1,170 Print References