Moroni Industries Has the Following Inventory Information Assuming That a Periodic Inventory System Is Used, What Is

Multiple Choice

Moroni Industries has the following inventory information. $\begin{array}{rll}\text { July }1 & \text { Beginning Inventory } & 40 \text { units at } \$ 120 \\5 & \text { Purchases } & 240 \text { units at } \$ 112 \\14 & \text { Sale } & 160 \text { units } \\21 & \text { Purchases } & 120 \text { units at } \$ 115 \\30 & \text { Sale } & 140 \text { units }\end{array}$ Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?

A) $11,500
B) $11,520
C) $33,960
D) $33,980