1) Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,150 and the other, $1,540. Jones sold one of the items during the year.

Required

Based on this information, how much product cost would be allocated to the cost of goods sold and ending inventory on the year-end financial statements, assuming the use of

FIFO?

LIFO?

Weighted average?