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 $3.50 per letter. In February, it purchased H thru L at $5.50 per letter. It purchased M thru R in March at $6.50 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 FIFO method, what is the cost of its ending inventory? Multiple Choice $70 $52 $39 $21