A company has beginning inventory of $50,000 and purchases during the year of $110,000 The beginning inventory consisted of 1000 units and 7000 units were purchased during the year. The company has 5000 units left at year-end. Under the weighted average cost method, what is Cost of Goods Sold? (Round any Intermediary calculations to two decimal places and your final answer to the nearest dollar) $60,000 $100,000 $110,000 $140,000 $160,000