Given the following information, determine the cost of goods sold for December 31 using the FIFO periodic inventory method. December 2: 5 units were purchased at $7.00 per unit. December 9: 10 units were purchased at $9.40 per unit. December 11: 12 units were sold at $35.00 per unit. December 15: 20 units were purchased at $10.15 per unit. December 22: 18 units were sold at $35.00 per unit.