The Get Horse began 2021 with 60,000 units of inventory that cost $36,000. During 2021, The Gift Horse purchased merchandise on aocount for $352,500; III (Cick the iosn to view the purchases.) Cash payments on account lotaled $326,000 during the year (ignore purchase discounts). Tho Gef Horso's sales during 2021 consistod of 520,000 units of inventory for $660,000, al on acoount. The company uses the FIFO imventory method. Cash collections trom customers were $630,000, Operating expenses totaled $240,500, of which The Git Horse paid $211,000 in cash. The Gitt Horse crediled Accrued Liabillies for the remainder. At December 31, The Gitt Horse aocrued income tax expense at the rate of 35% of income belore tax. Read the requitomentis: Data table Requirement 1. Show how The Gif Horse would compute cost of goods sold for 2021