7 Units Sold at Retail A company's inventory records indicate the following data for the month of April: Date Activities Units Acquired at Cost Apr. 1 Beginning inventory 700 units @ $36 = $25,200 Apr. 7 Purchase 580 units @ $40 = $23,200 Apr. 11 Sale Apr. 16 Purchase 500 units @ $44 = $22,000 Apr. 22 Sale Apr. 29 Purchase 480 units @ $50 = $24,000 1,000 units @ $110 400 units @ $110 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what is the value of cost of goods Multiple Choice $40,720. $31,600. $62,800. $53,680. $35,922