Use the following data for the question. Jan 01 Beginning Inventory 100 units at $5 per unit Total: $500 Jan 03 Purchase 50 units at $6 per unit Total: $300 an 10 Purchase 80 units at $7 per unit Total: $560 Jan 17 Purchase 30 units at $8 per unit Total: $240 Goods Available for Sale 260 units Total: $1,600 Jan 24 Sale 220 units The Jan 24 sale consisted of 100 units from the beginning inventory, 40 units from the Jan 3 purchase, 60 units from the Jan 10 purchase, and 20 units from the Jan 17 purchase. Using Specific Identification, the Cost of Goods Sold on the Income Statement is $1,290 $1,320. $1,353. $1,400