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

41 units at $105 per unit

71 units at $73 per unit

172 units at $59 per unit

Sales for the year totaled 273 units, leaving 11 units on hand at the end of the year. Ending inventory using the average cost method is: (Do not round unit cost calculation. Round your final answer to the nearest whole dollar amo

2.

The Constance Corporations inventory at December 31, 2021, was $126,000 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following:

Merchandise costing $16,000, shipped f.o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022.

Merchandise costing $46,000 was shipped to a customer f.o.b. shipping point on December 28, 2021, arrived at the customers location on January 6, 2022.

Merchandise costing $22,000 was being held on hand for Jess Company on consignment.

Estimated sales returns are 20% of annual sales. Sales revenue was $552,000 with a gross profit ratio of 30%.

What amount should Constance Corporation report as inventory in its December 31, 2021, balance sheet?

3.

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

43 units at $103 per unit

72 units at $81 per unit

173 units at $60 per unit

Sales for the year totaled 270 units, leaving 18 units on hand at the end of the year.

Ending inventory using the LIFO method is:

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