Belle Co. has beginning inventory of 12 sets of paints at a cost of $1.50 each. During the year, the store purchased 7 at $3.00; 8 at $3.25, and 12 at $3.50. By the end of the year 31 sets were sold. Using the LIFO method, the cost of ending inventory is ___________. 1. $28.00 2. $12.00 3. $21.00 4. $3.50 5. None of these
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Bachelors Degree and CPA with Accounting work experience