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Taylor Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company's records under this system reveal the following inventory layers at the beginning of 2021 (listed in chronological order of acquisition):
12,500 units @ $20 $250,000 17,500 units @ $25 437,500 Beginning inventory $687,500
During 2021, 35,000 units were purchased for $30 per unit. Due to unexpected demand for the company's product, 2021 sales totaled 43,000 units at various prices, leaving 22,000 units in ending inventory. Problem 1. Calculate the amount to report for cost of goods sold for 2021.
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