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Machine Builders Inc. adopted a standard cost system several years ago that it uses in conjunction with its process cost system. The per-unit standard costs for direct materials and direct labor for its single product are as follows:

Materials:(4.0 kilograms × $10.00 per kilogram)$40.00 Labor:(4.0 hours × $18.00 per hour)$72.00 All materials are issued at the beginning of processing. The operating data shown below were taken from the records for July: In-process beginning inventory none In-process ending inventory—90% complete as to labor 1,000unitsUnits completed during the month 7,200unitsBudgeted output 8,000unitsPurchases of materials, in kilograms (AQ) 30,000 Total actual labor costs incurred$525,000 Direct labor hours worked (AQ) 28,000hoursMaterials purchase-price variance$3,000unfavorableIncrease in materials inventory in July 1,500kilogramsBeginning inventory of materials 0kg. The sales volume variance, measured in terms of direct labor cost, for July (to the nearest dollar) was:

Which of the following inventory costing methods uses the costs of the oldest purchases to calculate the value of the ending inventory?

A) specific identification B) weighted-average C) last-in, first-out D) first-in, first-out