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Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 53

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

  • 53 units at $139 per unit
  • 135 units at $142 per unit
  • 183 units at $122 per unit

Sales for the year totaled 335 units, leaving 36 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

  • $0.

  • $612.

  • $(612).

  • $53.

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