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Jones Company started the year with no inventory. During the year, it purchased two identical...

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Accounting

Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,290 and the other, $1,490. 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:

FIFO? LIFO? Weighted average?

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