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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): 51
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases listed in chronological order of acquisition): 51 units at $133 per unit 125 units at $132 per unit 181 units at $112 per unit Sales for the year totaled 325 units, leaving 32 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. O C $672 O $0 O $(672)
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