The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 First purchase @ May 7 Second purchase @ May 17 Third purchase @ May 23 Sales @ May 31 2,100 units @ $5.80 2,200 units @ $6.00 2,400 units @ $6.10 2,000 units @ $6.20 6,600 units @ $7.70 What is the amount of cost of goods sold assuming the LIFO cost flow method? Multiple Choice $40,240 $38,280 $39,600 $40,920