The following data applies to a particular item of merchandise Merchandise Inventory Description QTY Cost (S) On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 3rd purchase 700 5.30 600 5.50 Number of units available for sale 2,100 On hand at end of period 600 Number of units sold during period 1,500 Using the first-in, first-out costing method, the cost of goods sold would be $8,570. $7,840. O $8,050. O $8,410