Nichols Inc had the following balances and transactions during 2024 Beginning Merchandise Inventory as of January 1, 2024 March 10 400 units at $82 Sold 70 units June 10 October 30 Purchased 800 units at $64 Sold 470 units What would be reported for Ending Merchandise Inventory on the balance sheet at December 31, 2024 if the perpetual inventory system and the first-in first-out inventory costing method are used? OA. $32,000 OB. $5.740 OC. $55,440 OD. $67 200

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