Use the following inventory information for the month of May to answer questions 4 through 7: May 1 Beginning inventory 20 units@ $19 7 Purchase70 units@ $20 22 Purchase10 units@ $22 Units sold in May: 65 units Assuming that a periodic inventory system is used, what is COST OF GOODS SOLD on a FIFO basis? a. $1,321.67 c. $1,280.00 b. $1320.00d. $1,300.00