The XYZ company had at the beginning of the financial year an inventory of 1,000 units with a cost of $12 each using the (periodic) LIFO method. The current replacement cost of the inventory is $14 a unit. In the first quarter, the company purchased 1,000 units of inventory. The inventory quantity at the end of the first quarter was 850 units. All during the year, the company expected the inventory at the end of the year to be higher than the inventory at the beginning of the year. What is the Cost of Goods Sold in the quarterly report of the first quarter?