8.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 per unit .70 units at $80 per unit .170 units at $60 per unit Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the average cost method (rounded) is: a) $650. b) $1,000. c) $707. d) $600. 9. LIFO liquidation profits occur when inventory quantity declines and costs are rising. a) True b) False 10. In a year that the LIFO reserve increases, net income under LIFO is lower than it would have been under FIFO. a) True b) False 11. During periods of falling prices, LIFO ending inventory will be less than FIFO ending inventory. a) True b) False