Piper Pipes Has the Following Inventory Data Assuming That a Periodic Inventory System Is Used, What Is

Multiple Choice

Piper Pipes has the following inventory data: $$\begin{array} { r l l } \text { July } 1 & \text { Beginning inventory } & 50 \text { units at } \$ 120 \\5 & \text { Purchases } & 300 \text { units at } \$ 112 \\14 & \text { Sale } & 200 \text { units } \\21 & \text { Purchases } & 150 \text { units at } \$ 115 \\30 & \text { Sale } & 140 \text { units }\end{array}$$ Assuming that a periodic inventory system is used, what is the cost of goods sold on a LIFO basis?

A) $18,320
B) $18,370
C) $34,480
D) $38,530