The Penman Company Began Operation on January 1 of This

Multiple Choice

The Penman Company began operation on January 1 of this year. It bought 600 units of inventory at $3 each on January 3, then it bought 400 units at $4 each in December. During the year it sold 900 items. Assuming it uses the LIFO method of accounting, its ending inventory of 100 units would be measured at

A) 300
B) 340
C) 350
D) 400