Tetra Company purchased 3,900 units of inventory that cost $11.50 each on January 1, Year 1. An additional 4,900 units of inventory were purchased on January 12, Year 1 at a cost of $6.85 each. Tetra Company sold 5,900 units of inventory on January 20, Year 1. Assuming that Tetra Co. uses the perpetual inventory method and a FIFO cost flow method, how would the entry to recognize the cost of goods sold affect the financial statements? Multiple Choice Increase inventory and increase cost of goods sold by $58,550 Increase cost of goods sold and decrease inventory by 58,550 Decrease cost of goods sold and increase inventory by $58,650 Increase inventory and increase cost of goods sold by 58,650