Jones Ca. started the year with no imventory, During the year, is purchased two ldentical invertory items at different times, The first putchase cost $1,240 and the other, $1,460 Jones sold one of the items during the yeac Required Based on this information, how much product cost would be dlocated to cost of goods sold and ending inwentery on the year-end financial statements, assuming use of following cost flow assumptions: a. FIFO? b. LIFO? c. Weighted average? Cortez Company sells chairs that are used at computer stations, Its beginning inventory of chairs was 170 units of $45 per unit, During the year, Cortez made two batch purchases of this chair. The first was a 260-unit purchase at $50 per unit; the second was a 400 -unit purchase at $52 per unit. During the period, it sold 490 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.)