The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 Second purchase on May 17 1,500 units @ $4.60 1,600 units @ $4.80 1,800 units @ $4.90 1,400 units @ $5.00 4,800 units @ $6.50 Third purchase on May 23 Sales on May 31 What is the amount of cost of goods sold assuming the LIFO cost flow method is used? Multiple Choice $24,000 $23,500 $22.080 $23,040