The Laurel Corporation starts the year with a beginning inventory of 440 units at $19 per unit. The company purchases 570 units at $32 each in February and 480 units at $20 each in October. Laurel sells 220 units during the year. Laurel has a periodic inventory system and uses the FIFO inventory costing method. What is the amount of cost of goods sold? Multiple Choice 0 $7,040 0 $4,434 0 $4,180 0 $4,400 Delta Diamonds uses a periodic inventory system. The company had five one-carat diamonds available for sale this year: one was purchased on June 1 for $950, two were purchased on July 9 for $1,000 each, and two were purchased on September 23 for $1,050 each. On December 24, it sold one of the diamonds that was purchased on July 9. Using the specific identification method, its ending inventory (after the December 24 sale) equals: Multiple Choice $4,050 o o $1,000 $4,100. $2,950