A company has the following inventory information and uses the periodic system: May 1 May 4 May 7 Beginning Inventory 15 units at $3 each 12 units at $4 each 24 units Purchase Sale The company uses the FIFO method of inventory costing. What is the cost of goods sold and the ending merchandise inventory? A. COGS $9; Merchandise Inventory $84 B. COGS $84; Merchandise Inventory $9 OC. COGS $81; Merchandise Inventory $12 OD. COGS $12; Merchandise Inventory $81