28. Simpson Company uses the periodic inventory method and had the following inventory information available: Units Cost 1/1 Beginning Inventory 1/20 Purchase 100 $4 500 $5 7/25 Purchase 100 $7 10/20 Purchase 300 $8 $1,000 Unit Total Cost $ 400 2,500 700 2.400 $6,000 A physical count of inventory on December 31 revealed that there were 150 units on hand. Assume that the company uses the FIFO method. The total of Cost of Goods Sold on December 31 was $ $4,800 $5,350 $1,200 $650