Question: Maynard Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first unit cost $1,250

Maynard Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first unit cost $1,250 and the second, $1,350. One of the items was sold during the year. Required: Based on the above information, how much product cost would be allocated to cost of goods sold and ending inventory, assuming use of each of the following methods: a. FIFO b. LIFO c. Weighted average

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