A company had the following purchases during its first year of operations: Purchases Sales January 80 units at $ May 20 September 40 units at $80 Inventory 40 units at $24 Assuming that the company uses the specific identification as their inventory valuation method. What is the cost of sales for the year? Assume that on Septmeber the company sold 30 units of the beginning inventory and 10 units of the May purchases.