Michele owns a candle store and uses the perpetual method for inventory. On November 1, she buys 300 candles for $5 each. On November 15, she buys 100 candles at $7 each. On November 28, she sells 200 candles for $10 each.

Select the correct value for COGS.

COGS under FIFO is $2000

COGS under FIFO is $1200

COGS under LIFO is $1000

COGS under LIFO is $1200