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 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: FIFO? LIFO? Weighted average?

FIFOLIFOWeighted average

Cost of goods sold1,0601,380(1,060 + 1,380)/2 = $1,220

Ending inventory1,3801,060(1,060 + 1,380)/2 = $1,220

Explanation:

Attached is the tabulated solutions

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