Using the following information: Abalone Corp. uses a periodic inventory system. Beginning inventory 20 units @ $19 $ 380 Jul 1 7 Purchases 22 Purchases 70 units @ $20 10 units @ $22 1,400 220 $2,000 A physical count of merchandise inventory on July 31 shows that 25 units are on hand. O a. average cost O b. cannot be determined O c. FIFO O d. Net income is the same under both methods