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How much product cost would be allocated to cost of goods

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Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,250 and the other, $1,580. Jones sold one of the items during the year.

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Question 1: 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 following cost flow assumptions:

  1. FIFO?
  2. LIFO?
  3. Weighted average?

Reference no: EM132626757

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