39. Company A is identical to Company B in every regard except that Company A uses FIFO and Company B uses LIFO. In an extended period of rising inventory costs, Company A's gross profit and inventory turnover ratio, compared to Company B's, would be:
Fulbright Corp. uses the periodic inventory system. During its first year of operations, 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. 40. Ending inventory using the average cost method is: A. $ 650.B. $1,000.C. $ 707.D. $ 600.
41. Ending inventory using the FIFO method is:
42. Ending inventory using the LIFO method is: