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

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Accounting

Fulbright Corporation 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 $90 per unit
  • 71 units at $72 per unit
  • 172 units at $70 per unit

Sales for the year totaled 274 units, leaving 10 units on hand at the end of the year.

Ending inventory using the FIFO method is:

image Fulbright Corporation 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 $90 per unit - 71 units at $72 per unit - 172 units at $70 per unit Sales for the year totaled 274 units, leaving 10 units on hand at the end of the year. Ending inventory using the FIFO method is: Multiple Choice $750. $700. $900. $734

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