A company uses the periodic FIFO method to account for inventory. For the year, the company had the following beginning inventory and purchases: Beginning inventory on January 1 Purchase on March 1 Purchase on September 1 100 units at $2,800 per unit 400 units at $3,000 per unit 800 units at $3,200 per unit Sales for the year totaled 1,000 units, leaving 300 units on hand at the end of the year. The company reported cost of goods sold as $3,120,000 [(400 units @ $3,000) + (600 units @ $3,200)]. Which of the following is correct? Multiple Choice The amount reported for cost of goods sold is incorrect because it assumes the units sold based on a perpetual system instead of a periodic system. o The amount reported for cost of goods sold is incorrect because the units assumed sold would first include those in beginning inventory. U The amount reported for cost of goods sold is incorrect because the units assumed sold would include all of those purchased on September 1. O The amount reported for cost of goods sold is correct O