The Schofield Inc. uses a periodic inventory system. The company has a beginning inventory of 550 units at $8 each on January 1. Schofield purchases 800 units at $7 each in February and 350 units at $9 each in March. There were no additional purchases or sales during the remainder of the year. Schofield sells 600 units during the quarter. If Schofield uses the LIFO method, what is its cost of goods sold? Multiple Choice O O $5,400 O $4,900 $300. $4,700