Jones Co$.$ started the year with no 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 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?