time company puichased 200 units for $40 each on danuary 31 . it purchased 140 units for $50 each on february 28. It sold 200 units for $65 each from March 1 through December 31 . If the company uses the last-int. first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31 ? (Assume that the company uses a perpetual inventory system.) 54000 $9400 $15,000 $7000