Question: Jones Co. started the year with no inventory, During the year, it purchased two identical inventory items at different times. The first purchase cost $1,060

Jones Co. started the year with no inventory, During the year, it purchased two identical inventory items at different times. The first purchase cost $1,060 and the other, $1,380. Jones sold one of the items during the year: Required Based on this information, how much product cast would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of following cost flow assumptions: a. FIFO? b. LIFO? c. Weighted average

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