Help Save & Exit 7 Delta Diamonds uses a periodic inventory system. The company had five one-carat diamonds available for sale this year one was purchased on June 1 for $1,200, two were purchased on July 9 for $1,450 each, and two were purchased on September 23 for $1,550 each. On December 24, it soid one of the diamonds that was purchased on July 9. Using the FIFO method, its cost of goods sold for the year ended is: 00-5904 Multiple Choice eBook $2,900. $1,550 $3,100 $1200