On January 1, 2020, Widget Company had 1,600 units of Inventory, which were reported on their Balance Sheet at $ 6.00 per unit. During 2020, Widget had the following transactions: March 1, 2020: Sold 1,000 units of Inventory @ $ 15 per unit May 1, 2020:Purchased 900 units of Inventory @ $ 7 per unit September 1, 2020: Sold 1,200 units of Inventory @ 16 per unit December 31, 2020: Purchased 700 units of Inventory @ $ 8 per unit. If Widge Company uses a Periodic LIFO Inventory System, and closes their books once each year, what is the amount reported for Inventory on their December 31, 2020 Balance Sheet?

A.$ 6,000 B.$ 7,400 C.$ 7,700 D.None of the above.