A company uses the periodic FIFO method to account for inven…

A company uses the periodic FIFO method to account for inventory. For the year, the company had the following beginning inventory and purchases: Beginning inventory on January 1 100 units at $2,800 per unit Purchase on March 1 400 units at $3,000 per unit Purchase on September 1 800 units at $3,200 per unit Sales for the year totaled 1,000 units, leaving 300 units on hand at the end of the year. The company reported cost of goods sold as $3,120,000 . Which of the following statements is correct?