Harding Systems, Incorporated uses a periodic inventory system. The purchases of a particular product during the year are shown below: January 1 February 7 Beginning inventory Purchase July 10 November 25 Purchase Purchase Total 1,100 units @ $ 7.25 1,450 units @ $ 7.50 1,600 units @ $ 8.00 1,000 units @ $8.50 5,150 $ 7,975 10,875 12,800 8,500 $ 40,150 At December 31 the ending inventory consisted of 1,500 units. Compute the cost of goods sold for the current year based on the LIFO method of inventory valuation. Multiple Choice $12,500 $10,975 $27,650