The Rinku Corporation had 8,000 hammers on hand at the beginning of July. Each hammer had cost the company $4. The company purchased 12,000 hammers on July 6 at a cost of $6 each. The company purchased 16,000 hammers on July 21 at a cost of $8 each. The company sold 10,000 hammers on July 11 and 14,000 hammers on July 24. The company charged its customers $12 per hammer for each hammer sold in July. The company uses the FIFO inventory method. Determine the company's cost of merchandise inventory on hand at the end of July O a. $136,000 b. $172,000 c. $60,000 d. $96,000