Problem 1. Maple Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first unit cost $800 and the second, $700. One of the items was sold during the year.

Required:

Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory, assuming use of: a. LIFO b. FIFO c. Weighted average

	Cost of goods sold	Ending inventory
LIFO
FIFO
Weighted Average