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Discuss the periodic inventory system

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Reference no: EM131779451

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

• 44 units at $104
• 70 units at $73
• 171 units at $63

Sales for the year totaled 274 units, leaving 11 units on hand at the end of the year.

Ending inventory using the LIFO method is:

$1,144. $743. $693. $790.

Reference no: EM131779451

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