Transactions for Sandhill Ltd for the month of June were: [transaction details]. Sandhill Ltd uses the periodic inventory system. The ending inventory on a FIFO basis is:
a) Calculated by adding the beginning inventory to purchases and then subtracting the cost of goods sold.
b) The cost of the last goods purchased.
c) The cost of the first goods purchased.
d) Calculated by taking the cost of the most recently purchased goods.