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How much product cost would be allocated to cost

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Reference no: EM13930596

Adams Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $950 and the other, $1,250. Adams 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? 

Reference no: EM13930596

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