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Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in...
15. 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• 70 units at $ 80• 170 units at $ 60Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the average cost method is: (Points : 3) $ 650. $1,000. $ 707. $ 600. 16. 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• 70 units at $ 80• 170 units at $ 60Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the FIFO method is: (Points : 3) $ 650. $1,000. $ 707. $ 600. 17. 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• 70 units at $ 80• 170 units at $ 60Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the LIFO method is: (Points : 3) $ 650. $1,000. $ 707. $ 600.
