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):

• 43 units at $104
• 74 units at $88
• 173 units at $60

Sales for the year totaled 270 units, leaving 20 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 amount.)

Multiple Choice

• $1,250.

• $1,200.

• $2,080.

• $1,473.

2/ Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire on July 17 and received an invoice with a list price amount of $5,200 and payment terms of 1/10, n/30. Alison uses the net method to record purchases. Alison should record the purchase at:

Multiple Choice

• $5,200.

• $5,252.

• $5,148.

• $2,574.

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 $108
• 74 units at $75
• 172 units at $55

Sales for the year totaled 271 units, leaving 18 units on hand at the end of the year.

Ending inventory using the LIFO method is:

Multiple Choice

• $990.

• $1,040.

• $1,224.

• $1,944.