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Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the...

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition):

40 units at $100 per unit
70 units at $80 per unit
170 units at $60 per unit

Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year.

Ending inventory using the FIFO method is:

$650.

$707.

$600.

$1,000.

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Answer #1

Answer : $600

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