12. Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: Units Per unit price Total Balance, 1/1/18 200 $5.00 $1,000 Purchase, 1/15/18 100 5 .30 530 Purchase, 1/28/18 100 5.50 550 An end of the month (1/31/18) inventory showed that 200 units were on hand. If the company uses FIFO, what is the value of the ending inventory? a. $1000 b. $1040 c. $1060 d. $1080