1. It purchased 140 units for $40 each on February 28. It sold 200 units for $55 each from March 1 through December 31. If the company uses the last-in, first-out inventory costing A company purchased 400 units for $30 each on January method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) $7.400 O c. $17,600 $5,600