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.

---

Definitions:

Classical Conditioning

A training approach involving the regular pairing of two cues, where a response originally provoked by the second cue becomes triggered by only the first cue over time.

Instrumental Learning

A learning process that uses rewards and punishments to promote or discourage a behavior, also known as operant conditioning.

Observational Learning

A learning process where an individual acquires new behaviors by watching and imitating others.

Habituation

the process by which an organism decreases or ceases its response to a stimulus after repeated or prolonged exposure.