A company purchased 100 units for $30 each on January 31. It purchased 170 units for $25 each on February 28. It sold 170 units for $70 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) Select one: $3,000 $7,250 $4,750 $4,250