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Allocating product cost between cost of goods sold and ending inventory Jones Co. started the year with nno inventory. During the year, it purchased two
Allocating product cost between cost of goods sold and ending inventory
Jones Co. started the year with nno 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 itmes during the year.
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
A.FIFO?
B.LIFO?
C. Weighted average
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