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Find ending inventory using the fifo method is

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Reference no: EM132568526

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 $103
73 units at $78
172 units at $63

Sales for the year totaled 273 units, leaving 16 units on hand at the end of the year.

Question 1: Ending inventory using the FIFO method is:

Multiple Choice

Option 1: $1,058.

Option 2: $1,008.

Option 3: $1,648.

Option 4: $1,166.

Reference no: EM132568526

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