Number 2

Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 315 quarts @ $2.70 per quart on April 1.

Purchases:		Sales:
April 10	515 quarts @ $2.80	April 3	230 quarts
April 14	415 quarts @ $2.90	April 12	515 quarts
April 20	415 quarts @ $2.95	April 26	315 quarts

The ending inventory assuming LIFO and a periodic inventory system is:

a. $1,688.50.

b. $1,758.50.

c. $1,648.50.

d. $1,753.50.