A company using the periodic system counted 700 units on hand at year- end. The following purchases were make during the first year of operations Jan 19 2,000 units purchased at $4 per unit June 6 300 units purchased at $5 per unit Oct 2500 units purchased at $6 per unit Using the periodic system, costing by the first in, first-out method (FIFO), what is the cost of the 700 units in inventory at year-end? O $9,700 O $4,000 O $8,500 $2,800