Belle Co Has Beginning Inventory of 12 Sets of Paints at at a Cost

Multiple Choice

Belle Co. has beginning inventory of 12 sets of paints at a cost of $1.50 each. During the year, the store purchased 7 at $3.00, 8 at $3.25, and 12 at $3.50. By the end of the year 31 sets were sold. Using the LIFO method, the cost of ending inventory is:

A) $28.00
B) $12.00
C) $21.00
D) $3.50
E) None of these