Accounting I16) The Chung Chung Chung Corporation uses a periodic inventory system. Thecompany has a beginning inventory of 1,250 units at $15 each on January 1. Chungchung chung purchases 1,500 units at $14 each In February and 700 units at $16 eachIn March. There were no additional purchases or sales during the remainder of theyear. Chung Chung Chungo sells 650 units during the quarter. If they use the weightedaverage method, what is its cost of goods sold for the quarter?$9,750$9,100$9,599$10,400