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 1,100 units @ $ 7.25 1,450 units @ $ 7.50 $ 7,975 10,875 July 10 November 25 Purchase 1,600 units @ $ 8.00 12,800 Purchase Total 1,000 units @ $8.50 5,150 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 $10,975 $27,650