Question

ChO8_PPT - Read-Only jonathan de los Santos JD - eview View Help Share Comi 1 Search \000 A22. 5 e O LA s Arrange Quick Styles shape Filt shape Outline Shape Effedis Find Replace - Select Dictate Paragraph Drawing Editing Voice Concept Check v Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 160 units at $50 280 units at $40 680 units at $30 Sales for the year totaled 1,080 units, leaving 40 units on hand at the end of the year. Ending inventory using the FIFO method is: $1,300. $2,000. $1,414 $1,200 a. b.

Answer 1

d. $1,200
FIFO
Units	Unit Cost
40	$30	$1,200
Ending Inventory		$1,200
Explanation: Under FIFO method last purchase units will remain in the hand