400 units Acompany uses the per lodic Fifo method to a court for inventory for the year, the company has the fotowing beginning toiventory and purchases Beginning invervory on 100 units $ 2.800 per unit Purchase on March 1 at $3.000 per unit Purchase on September 800 units 5 2.200 perunt 239.2001 Which of the following is correct Sales for the year cale 1000 units leaving 300 units on hand at the end of the year. The company reported cost of foods sold as $3,120.000 400 units $1,000+ 1600 unts A The amount reported for cost of goods sold is incorrect because it imes the units sold based on a perpetual systemited of a periodic system. by the amount reported for cost of goods sold as incorrect bechise the units assumed sokd would first indude those in begrere Inventory The amount reported for cost of goods sold is incorrect because the time old would include all of those purchased on September 1 The amount reported for cost of goods sold is correct