Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 46 units at $118 per unit 100 units at $107 per unit 176 units at $87 per unit Sales for the year totaled 300 units, leaving 22 units on hand at the end of the year. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory balance under LIFO results in a difference of:

Multiple Choice

• $682.

• $53.

• $(682).

• $0.