Question 54 (3 points) Danny Co. uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost $12 each. During the month, the company made two purchases: 3,000 units at $13 each (on May 15) and 12.000 units at $13.50 each (on May 18). Danny Co. also sold 12,900 units during the month. Using the FIFO method, what is the Cost of Goods Sold? 1) $120,438.00 2) $125,550.00 3) $161,850.00 4) $111,600.00