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Determine the ending inventory value

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Problem - Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 43 units at $103 per unit 74 units at $74 per unit 174 units at $63 per unit Sales for the year totaled 272 units, leaving 19 units on hand at the end of the year. Determine the ending inventory value using the following 3 methods: 1. FIFO 2. LIFO 3. Average Cost (Weighted Average).

Reference no: EM132799993

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