The following information is from the accounting records of Company A for the fiscal year ended March 31, 2016. Company A uses the periodic inventory system for its inventory record-keeping: Merchandise inventory, April 1, 2015: $193,250 Merchandise inventory, March 31, 2016: $180,100 Purchases for the fiscal year: $1,079,600 Purchases returns and allowances for the fiscal year: $51,200 Purchases discounts for the fiscal year: $18,500 Sales for the fiscal year: $1,860,000 Freight-in for the fiscal year: $19,250 Which of the following statements is true about the total cost of merchandise sold for the fiscal year for Company A?

It is greater than $2,500,000 and less than $2,700,000.

It is greater than $1,100,000 and less than $1,300,000.

It is greater than $1,500,000 and less than $1,700,000.

It is greater than $2,100,000 and less than $2,500,000.

It is greater than $1,900,000 and less than $2,100,000.

It is greater than $700,000 and less than $900,000.

It is greater than $1,700,000 and less than $1,900,000.

It is greater than $900,000 and less than $1,100,000.

None of these answers are correct.

It is greater than $1,300,000 and less than $1,500,000.