Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,120 and the other, $1,480. 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? FIFO LIFO Weighted Average Cost of goods sold Ending inventory