Jenkins Company sells home weather exercise bikes. Its beginning inventory was 50 units at $200 per unit. During the year, Jenkins made two purchases of the bikes: first, a 150-unit purchase at $220 per unit, and then 100 units at $250 per unit. The ending inventory for the year was 125 units.
Required:
Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Jenkins uses
a) FIFO
b) LIFO
c) Weighted average 
Definitions:
Copyright
A legal right granted to the creator of original works of authorship, such as literary, dramatic, musical, artistic works, and certain other intellectual property, to publish, use, and sell their creation for a specified period of time.
Patent
A government grant giving an inventor exclusive rights to make, use, or sell an invention for a specified period in exchange for public disclosure of the invention.
Trademark
A legal designation of exclusive use of a brand or product name.
Goodwill
An intangible asset that represents the portion of the business value that cannot be attributed to other business assets.
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