Exercise 5-17A (Algo) Allocating product cost between cost of goods sold and ending inventory LO 5-6 Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,210 and the other, $1,530. 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: a. FIFO? b. LIFO? c. Weighted average? Exercise 5-12A (Algo) Notes receivable-accrued interest LO 5-4 On May 1, Year 1, Benz's Sandwich Shop loaned \$12,000 to Mark Henry for one year at 6 percent interest. Required: a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? For all requirements, round your answers to the nearest dollar amount. Exercise 5-18A (Algo) Allocating product cost between cost of goods sold and ending inventory: Multiple purchases LO 5-6 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $46 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 305-unit purchase at $51 per unit; the second was a 380 -unit purchase at $53 per unit. During the period, it sold 555 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount