Todd's Electronics opened a retail business on January 1, 2011 that sells DVRs. The company uses a periodic inventory system and uses LIFO to value its inventories. During the first quarter of operations, the company made three purchases. On January 15, 2011, the company purchased 1,000 DVRs for $50 per unit. On February 1, 2011, the company purchased 1,000 DVRs for $55 per unit. On March 15, 2011, the company purchased 900 DVRs for $60 per unit. The company's only sale during the first quarter was on March 1, 2011, and it sold 750 DVRs for $100 per unit. If the firm had used FIFO instead of LIFO for the quarter ending March 31, 2011, would cost of goods sold have been higher or lower? By what amount? a. Higher by $3,750 o b. Lower by $3,750 O c. Lower by $7,500 d. Higher by $7,500 e. None of the above is correct