In the FIFO Retail Method, What Does the Ending Inventory

Multiple Choice

In the FIFO retail method, what does the ending inventory for any period represent?

A) The ending inventory at approximately the current cost.
B) The ending inventory at the beginning of the year cost dollars.
C) The ending inventory at the average cost dollars.
D) The sum of inventory layers from previous periods.
E) The sum of inventory layers each costed at current dollars found by applying the current years' selling prices.