Max Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2010.

Quantities

Unit Price

DatePurchasedSoldBalanceof Purchase

January 11300$2.50

January 241,3001,600$2.60

February 83001,300

March 16560740

June 116001,340$2.80

Instructions

Calculate the cost of goods sold for the first six months under the periodic FIFO inventory pricing method.