The following information is available: Sales Inventory-year-end Purchases Cost of Goods Sold $2,850 $1,500 $1,950 $2,400 Gross profit is: Multiple Choice $0. $1,500 $450. $900 Question Completion Status: At December 31, the ending inventory consisted of 1,500 units Compute the cost of the ending Inventory based on the average cost method of inventory valuation (Round to the nearest dollar value) $11,694 $14,512 $29,560 $28,450 QUESTION 59 Harding Systems, Inc. uses a periodic inventory system. The purchases of a particular product during the year are shown below: Jan.1 Beginning inventory 1,100 units @ $7.25 - 57.975 Feb. 7 Purchase 1,450 units @ $7.50 10.875 July 10 Purchase 1,600 units 58- 12,800 Nov. 25 Purchase 1,000 units @ $8.50 8,500 5.150 $40,150 At December 31, the ending inventory consisted of 1,500 units Compute the cost of goods sold for the current year based on the average cost method of inventory valuation, $28,456 $11.694 $29,560 510,590