Jones Company Sells Exercise Bikes

Essay

Jones Company sells exercise bikes. Its beginning inventory was 100 units at $200 per unit. During the year, Jones made two purchases of the bikes: first, a 300-unit purchase at $220 per unit, and then 200 units at $250 per unit. The ending inventory for the year was 250 units.
Required:Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Jones uses each of the following inventory cost flow methods:a)FIFOb)LIFOc)Weighted average(Round intermediate calculations to two decimal places. Round final answers to whole dollars.)