Moonlight stores provided the following inventory information for the month of January 2017.

	Units	Cost ($)	Amount ($)
Jan-1 Beginning inventory	350	15	5,250
Jan 6- Purchases	200	24	4,800
Jan 17- Purchases	300	28	8,400
Jan 12 - Sales	500	35	17,500

Based on the above table find out the amount of Cost of goods sold for the sales made on 12th January 2017, if the business is evaluating the inventory by using First In First Out (FIFO) method under the Periodic inventory system.

a.

$ 17,500

b.

$ 5,250

c.

$ 13,200

d.

$ 8,850