Use This Inventory Information for the Month of June to Answer

Multiple Choice

Use this inventory information for the month of June to answer the following question. $\begin{array}{rlll}\text { June }&1 & \text { Beginning inventory } & 10 \text { units @ } \$ 120 \\&5 & \text { Purchase } & 60 \text { units @ } \$ 112 \\&14 & \text { Sale } & 40 \text { units } \\&21 & \text { Purchase } & 30 \text { units @ } \$ 116 \\&30 & \text { Sale } & 28 \text { units }\end{array}$
Assuming that a periodic inventory system is used,what is cost of goods sold on a LIFO basis?

A) $7,696
B) $7,736
C) $3,664
D) $3,704