Use the following to answer questions 16-17: Neighborly Industries has the following inventory information. July1 Beginning Inventory 20 units at $120 5 Purchases 14 Sale 21 Purchases 30 Sale 120 units at $112 80 units 60 units at $115 56 units 16. Assuming that a Periodic Inventory system is used, what is the amount allocated to Ending Inventory (ED) on a FIFO basis? A) $7,328 B) $7,348 C) $15,392 D) $15,412 17. Assuming that a Periodic Inventory system is used, what is the amount allocated to Ending Inventory (EI) on a LIFO basis? A) $7,328 B) $7,348 C) $15,392 D) $15,412