Solved: Sales for the year totaled 270 units leaving 10 units on, Accounting Basics

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Sales for the year totaled 270 units leaving 10 units on

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

40 units at $100

0 units at $80

170 units at $60

Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year.

What is the ending inventory using the average cost method (rounded)?

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Accounting Basics: Sales for the year totaled 270 units leaving 10 units on

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