Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,270 and the other, $1,540. 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