What is the ending inventory using the fifo method, Finance Basics

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What is the ending inventory using the fifo method

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
• 70 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 FIFO method?

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