5 pt Question 6 The following units of an inventory item were available for sale during the year. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 70 units of the item were sold. The ending inventory cost using FIFO is O $1,375 O $700 O $1,250 O $1,150