:.. 16:52 itc.birzeit.edu XYZ Company uses the periodic inventory method and had the following inventory information available: Total Units Unit Cost Cost 1/1 Beginning entory 100 $5 $ 500 20/2 Purchase 400 $6 2,400 25/7 Purchase 200 $7 1,400 10/10 Purchase 300 $9 2.700 1,000 $7,000 Assume that the total inventory counted at the end of the year was $75,000. Excluded from the count were purchases of $5,000 in transit under FOB destination terms. What is the cost of inventory reported on the statement of financial position ? O a. $75,000 O b. $80,000 c. $70,000 d. 560,000