Use the following information to answer questions 5-8: Schemmenti Inc. (a calendar year end corporation) uses a period inventory system. Its records show the following for the month of December: A physical inventory count at the end of December reveals that 50 units remain in ending inventory. [Note: in this problem, we are in a period of decreasing prices.] Compute cost of goods sold for the month of December for Schemmenti Inc., assuming the company uses the first-in, first-out (FIFO) inventory costing method