Inventory records for Maxs Gas revealed the following:

March 1, 2022, inventory: 1,000 gallons @ $7.20 per gallon = $7,200

1.) Assuming Max uses the periodic inventory system, what amount of Cost of Goods Sold would Max report for March 2022 if Max used the first-in, first-out inventory method?

A. $13,870

B. $16,660

C. $5,140

D. $12,450

2.) Instead assume Max uses the perpetual inventory system, what amount of Cost of Goods Sold would Max report for March 2022 if Max used the first-in, first-our inventory method?

A. $13,870

B. $16,660

C. $5,140

D. $12,450

Purchases: Sales: Mar. 10 600 gals (a) $7.25 Mar. 5400 gals Mar. 16 (a) $7.30 Mar. 14700 gals 600 gals (a) \$7.35 Mar. 20500 gals Mar. 26700 gals