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1:

Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,120 and the other, $1,460. 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: a. FIFO? b. LIFO? c. Weighted average? Cost of goods sold Ending inventory Complete this question by entering your answers in the tabs below. Req Al Req A2 Req B1 Req B2 Req C Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO. FIFO Units Unit Cost Cost of Goods Sold @ @ TotalReq A1 Req A2 Req B1 Req B2 Req C Determine the amount of product costs that would be allocated to ending inventory, assuming that Cortez uses FIFO. Ending FIFO Units Unit Cost Inventory @ =Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Total ending inventory Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req Bl Req B2 Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses Weighted average. (Round your intermediate calculations and nal answers to the nearest whole dollar amount.) Cost of goods sold Ending inventory