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. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory balance under LIFO results in a difference of: Group of answer choices $400. $(400). $50. $0.

Comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory balance under LIFO will result in a difference of $(400).

Explanation:

FIFO means First In, First Out.  It is one of the methods for accounting for inventory.  The FIFO method assumes that inventory bought first are the first to be sold or used in production, while those bought later remain proportionately to sales or production.  This is considered a realistic method for most companies.

On the other hand, LIFO, which means Last In, First Out, is another costing method for inventory.  This method assumes that goods bought last are the first to be sold or used in production, while those bought earlier remain proportionately to sales or production.  This method is not considered to be realistic in real life for most companies.

In calculating the cost of goods sold for the period, these two methods produce different outcomes, depending on the purchase price per unit.  Where the purchase price of inventory remain the same throughout a period, there will be no difference.

For example, if the unit price for inventory remains $40 from January 1 to December 31, then there will not a any noticeable difference between the two methods.

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