JoCo uses the periodic method and FIFO costing. JoCo s December 31, 20X2 inventory consists of 400 units bought in November, 20X2 @ $11. During 20X3, JoCo made the following purchases: 1, 800 units @ $14 in January; 2, 200 units @ $17 in July; and 2, 300 units @ $13 in October. The December 31, 20X3 inventory consists of 1, 300 units. JoCo's 20X3 cost of goods sold is ... $80,000 $79, 900 $80, 800 $78, 700 NiCo begins operations in 20X4, makes all sales on account, uses the perpetual method and FIFO costing, and shows the following data: Purchases Sales February 4 700 @ $ 7 May 11 400 @ $ 15 July 14 1, 100 @ $ 8 September 19 3,000 @ $ 10 December 21 1, 500 @ $ 18 On December 21, what entries does NiCo record? a. Accounts Receivable 27,000 Sales 27,000 Cost of Goods Sold 15,000 Inventory 15,000 b. Accounts Receivable 27,000 Sales 27,000 Cost of Goods Sold 9, 200 Inventory 9, 200 c. Accounts Receivable 27,000 Sales 27,000 Cost of Goods Sold 11, 900 Inventory 11, 900 d. Accounts Receivable 27,000 Sales 27,000 Cost of Goods Sold 12,000 Inventory 12,000