Beginning Merchandise inventory as of January 1, 2024 Nichols, Inc. had the following balances and transactions during 2024:1 300 units at $80 March 10 1 Sold 70 units June 10 Purchased 600 units at $85 Sold 370 units October 30 What would be reported for Ending Merchandise Inventory on the balance sheet at December 31, 2024 if the perpetual inventory system and the first-in, first-out inventory costing method are used? OA. $5,600 B. $39,100 Oc. $51,000 OD. $24,000