Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,180 and the other, $1,580. 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 following cost flow assumptions: a. FIFO? b. LIFO? c. Weighted average? Weighted Average FIFO LIFO Cost of goods sold Ending inventory

Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,180 and the other, $1,580. 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 following cost flow assumptions: a. FIFO? b. LIFO? c. Weighted average? Weighted Average FIFO LIFO Cost of goods sold Ending inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first
purchase cost $1,180 and the other, $1,580. 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 following cost flow assumptions:
a. FIFO?
b. LIFO?
c. Weighted average?
Weighted
Average
FIFO
LIFO
Cost of goods sold
Ending inventory

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