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The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 950...

The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 950 units at $12 each on January 1. Xu purchases 1,200 units at $11 each in February and 550 units at $13 each in March. There were no additional purchases or sales during the remainder of the year.

Xu sells 500 units during the quarter. If Xu uses the weighted-average method, what is its cost of goods sold for the quarter?

Multiple Choice

  • $5,500

  • $6,500

  • $5,880

  • $6,000

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