A Company Sells Garden Hoses and Uses the Perpetual Inventory

Multiple Choice

A company sells garden hoses and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during September were as follows: September 1: Beginning balance of 18 units at $13 each September 12: Purchased 30 units at $14 each September 19: Sold 24 units at $30 selling price each September 20: Purchased 24 units at $17 each September 27: Sold 27 units at $30 selling price each
If the ending inventory is reported at $276, what inventory method was used?

A) Weighted average method.
B) LIFO method.
C) Retail inventory method.
D) Specific identification method.
E) FIFO method.