Question: Fulbright Corp. uses the periodic inventory system. It's beginning inventory had 10 units @ $100, and they made the following purchases, during the year. (listed in chronological order of acquisition):
- 40 units at $120
- 70 units at $125
- 80 units at $130
The sales in units was 120 at $ 180.00 per unit.
Determine the Cost of Goods Sold, Ending Inventory, and Gross Profit for the following 3 methods
FIFO
LIFO