Using a perpetual inventory system and the FIFO cost formula, the cost of goods sold was $975.$1,080.$1,175.$1,300

K-tel I ndustries had the following activity with one Of its inventory items during the current period: Beginning inventory Purchase Sale Purchase Sale December 5 December 11 December 17 December 26 30 go (40) 60 (70) $8.00 10.50 12.00 Using a perpetual inventory system and the FIFO cost formula, the cost of goods sold was O $975. O $1,080. O $1,175. O $1,300.