Question: Matrix Enterprise, which uses the periodic inventory method, purchases different letters for resale. Matrix had no beginning inventory. It purchased A through G in January

Matrix Enterprise, which uses the periodic inventory method, purchases different letters for resale. Matrix had no beginning inventory. It purchased A through G in January at $4 per letter. In February, it purchased H through L at $6 per letter. It purchased M through R in March at $7 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 Matrix Enterprise uses the LIFO method, what is the cost of its ending inventory?

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