The Chalet Company uses a periodic inventory system. Beginning inventory and inventory purchases for the year were as follows: 1/1 5/23 11/5 11/18 Beginning Purchased Purchased Purchased inventory 20 20 400 100 units @ units @ units @ units @ $170 $125 $160 $175 per per per per unit unit unit unit At year-end, 50 units remain in inventory. What is the cost of inventory on a LIFO basis?

a. $7,500 b. $7,100 c. $8,750 d. $8,450