3. Ellie Inc. sold 6 similar items in February for $15 each. The company started with 3 items in inventory that cost $5. The following purchases were made during February: 2 items were purchased on February 3 with a unit cost of $8 1 item on February 15 with a unit cost of $8.50 4 items on February 22 with a unit cost of $7.50 What is the cost of goods sold using the FIFO method? a. $90 b. $47 c. $43.50 d. $39.50 4. Linden started the month with 10 items in inventory with a total cost of $3,000. On February 21 it purchased 10 items with a total cost of $4,000. If the company uses LIFO, what is the cost of goods sold if 11 items were sold in February? a. $4,000 b. $3,850 c. $3,500 d. $4,300