Alphabet Company,which Uses the Periodic Inventory Method,purchases Different Letters for Resale.Alphabet

Multiple Choice

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 $4 per letter.In February,it purchased H thru L at $6 per letter.It purchased M thru R in March at $7 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 specific identification method,what is the cost of its ending inventory?

A) $31
B) $69
C) $76
D) $100