Maple Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first unit cost $800 and the second, $700. One of the items was sold during the year. Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory, assuming use of
a. LIFO
b. FIFO
c. Weighted average $$\begin{array} { | l | l | l | }
\hline & \text { Cost of goods sold } & \text { Ending inventory } \
\hline \text { LIFO } & & \
\hline \text { FIFO } & & \
\hline \text { Weighted average } & & \
\hline
\end{array}$$

Question

Maple Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first unit cost $800 and the second, $700. One of the items was sold during the year. Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory, assuming use of
a. LIFO
b. FIFO
c. Weighted average $$\begin{array} { | l | l | l | } 
\hline & \text { Cost of goods sold } & \text { Ending inventory } \
\hline \text { LIFO } & & \
\hline \text { FIFO } & & \
\hline \text { Weighted average } & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Maple Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first unit cost $800 and the second, $700. One of the items was sold during the year. Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory, assuming use of
a. LIFO
b. FIFO
c. Weighted average $$\begin{array} { | l | l | l | } 
\hline & \text { Cost of goods sold } & \text { Ending inventory } \
\hline \text { LIFO } & & \
\hline \text { FIFO } & & \
\hline \text { Weighted average } & & \
\hline
\end{array}$$

Maple Company Started the Year with No Inventory