The contractor uses the first-in, first-out (FIFO) inventory pricing method. The contractor's inventory contained 50 units that cost $100 each. Two weeks later, the contractor acquires another 50 units that cost $90 each. Now the contractor is proposing using 70 units from the inventory on a contract. What is the proposed cost of this material using the FIFO inventory pricing method? $6,800. $7,000. $6,500. $6,650