Question 7 1 pts On January 1, Year 1, ABC Merchandising Company was started. The company experienced the following events during the first year of operation: 1. Started the business by Issue common stock for $1,000 cash. 2. Purchased $250 of inventory on account. 3. Sold merchandise costing $200 for $220 on account. 4. Collected $140 cash from accounts receivable. 5. Pald $180 of outstanding accounts payable. What is the value of ABC Merchandising Company's Cost of Goods Sold expense for Year 1? $200 $70 $110 $250