Question 1.1. (TCO 8) 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

Weighted Average (rounded)

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