Jones Company Sells Exercise Bikes

question 121

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
a)FIFO
b)LIFO
c)Weighted average
Round intermediate calculations to 2 decimal places.Round final answers to whole dollars.

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