A company uses the periodic RFO method to account for inventory. For the year, the company had the following beginning inventory and purchases Beginning inventory on January 100 units at 52.800 per unit Purchase on March 1 400 units at $3,000 per unit Purchase on September 1 300 units at 5 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 53,120.000 14400 unts $3.0001 +(800 units 522 The amount reported for cost of yoods sold is correct. The amount reported for cost of goods sold is incorrect because the units assumed sold would first include thote in beginning inventory The amount reported for cost of goods sold is incorrect because the units assumed sold would include all of those purchased on September 1 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