Fulbright Corp

Multiple Choice

Fulbright Corp. uses the periodic inventory system. During its first year of operations, 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.
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Ending inventory using the FIFO method is:

A) $650.
B) $1,000.
C) $707.
D) $600.