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. |
Answer : $600
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