Alphabet Company, which uses the periodic inventory method, purchases different letters for resale. Alphabet had no beginning inventory. It purchased A thru G in January at $9.00 per letter. In February, it purchased H thru L at $11.00 per letter. It purchased M thru R in March at $12.00 per letter. It sold A, D, E, H, J and N in October. There were no additional purchases or sales during the remainder of the year.If Alphabet Company uses the LIFO method, what is the cost of its ending inventory?
A. $54.00
B. $118.00
C. $72.00
D. $151.00
Answer: B
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