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The ending inventory using the FIFO method is $1200
For the sales of 1080 units under the FIFO method:
The value of products still in stock and held by a corporation at the end of an accounting period is known as ending inventory. There are various valuation techniques that can be used to determine the monetary amount of ending inventory. The management-selected inventory valuation technique has an impact on the dollar value of ending inventory, even when the actual number of units in ending inventory is the same regardless of the method.
Fulbright will first sell 160 units at $50, then 280 units at $40 and finally the remaining 640 units at $30.
So the ending inventory of 40 units will be:
40*30 = $1200
Although a part of your question is missing, you might refer to this full question: During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition and uses the periodic system)
- 160 units at $50
- 280 units at $40
- 680 units at $30
Sales for the year totalled 1,080 units, leaving 40 units on hand at the end of the year. ending inventory using the FIFO method is.
Learn more about FIFO method:
https://brainly.com/question/6352710
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