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) FIFO b) LIFO c) Weighted average(Round intermediate calculations to two decimal places. Round final answers to whole dollars.) ?Cost of Goods SoldEnding Inventorya) FIFO??b) LIFO??c) Weighted Average??
What will be an ideal response?
| ? | Cost of Goods Sold | Ending Inventory |
| a) FIFO | $75,000 | $61,000 |
| b) LIFO | $83,000 | $53,000 |
| c) Weighted Average | $79,335 | $56,668 |
Average cost per unit: [(100 × $200) + (300 × $220) + (200 × $250)] ÷ 600 = $226.67
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