question 5

Jones Company started the year with no imventory. During the yew, it purchased two idenaical inventory iterts at different benes. The fist purchase cosi 51120 and the other, $1.420. Jones sold one of the torvs diving the year Required: Balied on tha idermation how mucr probuct cost would be alloceted to cost of goods sold and ending inventory on the year -end financial statements, assuming use of folowing cost flow assumptions a. 1FO ? b. LIFo? c. Weighted average