The following lots of Commodity Z were available for sale during the year. Beginning Inventory 11 units at $52 First purchase 17 units at $51 Second purchase 24 units at $56 Third purchase 19 units at $64 The firm uses the periodic system, and there are 22 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the FIFO method? Oa. $3,999 Ob. $1,384 Oc. $3,977 Od. $1,144 During the taking of its physical Inventory on December 31, 2014, Barry's Bike Shop Incorrectly counted its inventory as $205,930 Instead of the correct amount of $165,724. The effect on the balance sheet and income statement would be Os assets overstated by $40,206; retained earnings understated by $40,206; and net income statement understated by $40,206 Ob.assets overstated by $40,206; retained earnings understated by $40,206; and no effect on the income statement Oc.assets, retained earnings, and net income all overstated by $40,206 d. assets and retained earnings overstated by $40,206; and net income understated by $40,206