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The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 2,050 units at $23 each on January 1. Xu purchases
The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 2,050 units at $23 each on January 1. Xu purchases 2,300 units at $22 each in February and 1,100 units at $24 each in March. There were no additional purchases or sales during the remainder of the year. Xu sells 2,100 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold?
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