QUESTION 1 The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 300 units at $5 each on January 1. Nu purchases 500 unts a 4 each in February and 200 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter Xu sells 300 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold for the first quarter? $1,600 $1,400 $1,500 $1,800