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What is the ending inventory using the LIFO method

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

40 units at $100

70 units at $80

170 units at $60

Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. What is the ending inventory using the LIFO method?

Reference no: EM132095344

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