With a FIFO inventory cost flow assumption, what is assumed about the units that are sold and the units that remain in ending inventory? New units sold, new units in ending inventory Old units sold, old units in ending inventory New units sold, old units in ending inventory Old units sold, new units in ending inventory The following are inventory purchase and sales data for a company: Purchased on January 1: 700 units, $9 cost per unit Purchased on January 16: 300 units, $8 cost per unit Sold on January 31: 700 units, $10 selling price per unit There was no inventory before the purchase made on January 1. Assume the company uses LIFO. What is cost of goods sold for January? $5,800 O $6,000 $6,300 $7,000 R