LetterCo, which uses the periodic inventory method, purchases different letters for resale. LetterCo had no beginning inventory. It purchased A thru G in January at $8.00 per letter. In February, it purchased H thru L at $10.00 per letter. It purchased M thru R in March at $11.00 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 LetterCo uses the FIFO method, what is the cost of its ending inventory?

• $66

• $48

• $124

• $106