A company purchased 80 units for $20 each on January 31. It purchased 170 units for $35 each on February 28. It sold 170 units for $60 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.) A. $1,600 B. $4,750 C. $7,550 D. $5,950