Picasso's Paint Co. had an inventory balance of $4,200 on January 1. During the accounting period they made purchases of $12,500. The ending inventory balance was $2,250. If Picasso's Paint Co. uses the periodic inventory system, what is the cost of inventory sold during the period?
◦ $16,700
◦ $12,500
◦ $14,450
◦ $18,950