Question
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
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 $107 per unit
- 71 units at $71 per unit
- 172 units at $61 per unit
Sales for the year totaled 266 units, leaving 20 units on hand at the end of the year.
What is the ending inventory using the average cost method?
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
