Hammer Co. is in the business of buying hammers at wholesale prices and reselling them at retail prices. The following information for the month of February was collected by Hammer Co.'s Purchase and Sales departments:

If the company uses a LIFO perpetual inventory system, what was the cost of the inventory on hand after the February 26th sale and the Cost of Goods Sold for February?

A. Inventory on Hand $2,200 Cost of Goods Sold $7,100

B. None of the other alternatives are correct

C. Inventory on Hand $1,950 Cost of Goods Sold $7,350

D. Inventory on Hand $2,200 Cost of Goods Sold $7,350

E. Inventory on Hand $1,950 Cost of Goods Sold $7,100