Nichols, Inc. had the following balances and transactions during 2018:

Beginning Merchandise Inventory as of January 1, 2018	300 units at $80
March 10	Sold 80 units
June 10	Purchased 600 units at $85
October 30	Sold 380 units

What would be reported for Ending Merchandise Inventory on the balance sheet at December 31, 2018 if the perpetual inventory system and the first-in, first-out inventory costing method are used?

		a. $51,000
		b. $6,400
		c. $24,000
		d. $37,400