Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): January 1, year 1: 40 units at $100 March 1, year 1: 70 units at $80 July 1, year 1: 170 units at $60 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: $1,000. $707. $550. $600.