Lemon company purchased 90 units for $30 each on January 31 . It purchased 200 units for $25 each on February 28 . It sold 200 units for $70 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) $5000 $7700 $5450 $2700