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

• 59 units at $157 per unit
• 165 units at $172 per unit
• 189 units at $152 per unit

Sales for the year totaled 365 units, leaving 48 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

• $53.

• $(240).

• $0.

• $240.