product cost Chapter 5 Review Assignment cost of goods sold and Help Save & Exit Submit 2 Check my work Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,160 and the other, $1,450. Jones sold one of the items during the year. 3.33 points 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 eBook a. FIFO? b. LIFO? c. Weighted average? Print FIFO LIFO Weighted S 1,160 $ 1,450 s 1,450 $ 1,160 Cost of goods sold Ending inventory