A company purchased 130

130 units for $ 20

$20 each on January 31. It purchased 180

180 units for $ 25

$25 each on February 28. It sold 180

180 units for $ 50

$50 each from March 1 through December 31. If the company uses the firstminus

in, firstminus

out inventory costingmethod, what is the amount of Cost of Goods Sold on the income statement for the year ending December31? (Assume that the company uses a perpetual inventorysystem.)