The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 500 units at $5 each on January 1 . Xu purchases 400 units at $4 each in February and 100 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter. Xu sells 350 units during the quarter. If Xu uses the weighted average method, what is its cost of goods sold for the first quarter? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) Multiple Choice $2,100 $1,400 $1,750