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6. The inventory data for an item for the month of May are as follows: 20 units at $50 May Inventory 5 Sold 15 units. 30 units at $55 10 Purchased 20 Sold 30 units 29 units at $60 29 Purchased What is the cost of the merchandise inventory of 25 units on May 31 by the last-in, first-out method if the periodic system is used, A. $1,500 B. $1.275 C. $1,475 D. $1,250 E. None 7. The following lots of a p commodity were available for sale during the year: articular Beginning inventory 10 units at $60 25 units at $63 First purchase Second purchase 30 units at $64. Third purchase 15 units at $71 The firm uses the periodic system and there are 20 units of the commodity on hand at the end ofthe year. What is the amount of this inventory according to the first-in, first-out method? $1,200 B. $1.230 C. $1.385 D. $1,400