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

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Accounting

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

  • 41 units at $102 per unit
  • 74 units at $76 per unit
  • 174 units at $69 per unit

Sales for the year totaled 269 units, leaving 20 units on hand at the end of the year.

Ending inventory using the LIFO method is:

Multiple Choice

  • $2,040.

  • $1,380.

  • $1,430.

  • $1,509.

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