A Company Markets a Climbing Kit and Uses the Perpetual

Multiple Choice

A company markets a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows: If the ending inventory is reported at $276, which inventory method was used?

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