Acme Company buys and sells machine grinding collars. On January 1, 2015, Acme had 1,200 collars in inventory. On its balance sheet, these collars were valued at $2,400. In 2015, Acme made the following collar purchases for its inventory: March 1: 400 collars $1,000 total price June 1: 200 collars $600 total price Sept. 1: 500 collars $1,500 total price Dec. 1: 100 collars $350 total price On December 20, 2015, Acme sells 1,400 collars (assume no previous sales for the year). This is its total sales for the year. Assuming Acme uses the FIFO (First-in-first-out) method of inventory valuation, what is the cost of goods sold for the 1,400 collars Acme sold? Select one: a. $2,400 b. $2,925 c. $2,900 d. It depends on which collars Acme sold. e. $3,850