Problem 2 Computing inventory and costs of goods sold under three flow assumptions. Jones Company was formed on January 1, 20X2. The following information is available from Jones's inventory records for Product wood: Units Unit Costs January 1, 20X2 Beginning inventory 950 $10.25 Purchases January 8, 20X2 3,500 $12.75 May 30, 20X2 1,500 $11.50 July 15, 20X2 750 $13.50 November 5, 20X2 1,000 $14.00 A physical inventory on December 31, 20X2, shows 2,875 units on hand. Required: Prepare schedules to compute the ending inventory at December 31, 20X2 under each of the following inventory methods: 1. FIFO 2. LIFO 3. Weighted average Show supporting computations in good form