Mix Co. started the year with no inventory. During the year, it purchased two identical inventory items. The inventory was purchased at different times. The first purchase cost $1,210 and the other, $1,560. 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 on the year-end financial statements, assuming use of
FIFO?
LIFO?
Weighted average?

This really isn't that difficult since you have no beginning inventory and only two purchases. They're essentially asking you to know which one of the costs to use for which method.

Since FIFO means first in, first out -- well, which one was first in? That's the one that goes out when you sell it and therefore the cost you'll use.

LIFO means the opposite - last in, first out. So which one came in last?

Weighted average in this case is going to be over-simplied, cause all you need to do is literally average the two of them and use that as the cost.