Strods Company reported the following purchases and sales of its only product. Strods uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 320 units @ $17 5 Purchase 305 units @ $19 10 Sales 225 units @ $27 Purchase 185 units @ $20 Sales 175 units @ $28 15 24 Multiple Choice O $7,975 $14,935 $6,960 0 97775 $7,775 O $7,60 $7,160