Exercise 5-2A (Algo) Allocating product cost between cost of goods sold and ending inventory LO 5-1 Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,240 and the other, $1,550. 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: a. FIFO? b. LIFO? c. Weighted average