Company Y uses the conventional (LCM) retail inventory method and recorded the following:

		Cost		Retail
Beginning inventory		$300		$467
Net purchases		1,200		2,000
Net additional markups				200
Net markdowns				(300)
Sales				$1,700

What is the cost of goods sold for the reporting period?

• A.

  $1,169

• B.

  $1,177

• C.

  $1,125

• D.

  $1,114