owery Company uses a perpetual inventory system. The following information is available for the month of March:

Mar.	1	On hand, 10 units at $2 each	$20
	4	Sold 8 units for $10 each	80
	22	Purchased 50 units at $4 each	200
	26	Sold 48 units for $10 each	480

If the company uses the FIFO inventory costing method, how much is ending inventory at March 31?

a. $12

b. $8

c. $40

d. $16