Inventory 57 3 MC10-2. The Loyd Company had 150 units of product Omega on hand at December 1, Year 1 costing $400 each. Purchases of product Omega during December were as follows: Date Units Unit Cost December 7 100 $440 December 14 200 $460 December 29 300 $500 Sales during December were 500 units on December 30. Assume a perpetual inventory system is used. The cost of inventory at December 31, Year 1 under the LIFO method would be: a. $100,000 b. $104,000 c. $75,000 d. $125,000 5 MC10-3. Simmons, Inc. uses lower-of-cost