Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 500 units that cost $5 each. During the month, the company made two purchases: 700 units at $6 each and 500 units at $7 each. Chess Top also sold 1,200 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month? $3,500. O $7.700. $2,500. $6,700