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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 $10.00 per letter. In February, it purchased thru L at $12.00 per letter. It purchased thru Rin March at $13.00 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 $78 $60 $130 $148