Which of the following best describes "cost of goods sold"? It equals the cost of merchandise purchased plus transportation costs plus beginning inventory minus purchase returns and allowances and purchased discounts minus ending inventory. It is the total amount of merchandise purchased during the year. It equals the cost of merchandise purchased plus transportation costs minus ending inventory. It equals the cost of merchandise purchased plus transportation costs plus beginning inventory minus purchase returns and allowances and purchase discounts. Leafs Co. had the following inventory transactions for the month of June: June 1 On hand, 50 units at $18.00 each June 4 Purchased 115 units at $18.20 each June 5 Sold 100 units =$ 900.00 =$2,093.00 June 10 Purchased 75 units at $18.25 each =$1,368.75 June 24 Sold 40 units Total cost of goods available for sale =$4,361.75 The company uses a perpetual inventory system. Refer to Leafs Co. If the company uses the FIFO method of inventory costing, what is the amount of ending inventory reported on the statement of financial position (balance sheet)? $1,823.25 $1,825.00 $1,810.00 $1,800.00