A company uses the periodic inventory system. During its first year of operations, It made...
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A company uses the periodic inventory system. During its first year of operations, It made the following purchases (listed in chronological order): 160 units at $50 280 units at $40 680 units at $30 Sales for the year totaled 1,080 units, leaving 40 units on hand at year end. Ending inventory using the FIFO method is: $1,300. $2,000. $1,414. $1,200. If the company had used the LIFO method, ending inventory is: $1,300. $2,000. $1,414. $1,200. oso
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