Question: Johnson & Co. uses FIFO cost method in a periodic inventory system. At December 31, 2020 the accounting records provided the following inventory information: Unit

Johnson & Co. uses FIFO cost method in a periodic inventory system. At December 31, 2020 the accounting records provided the following inventory information:

Unit cost Units
Beg. balance, January 1 $12 1,200
Purchase, April 1 $11 4,200
Purchase, July 31 $15 2,200

The company had 4,000 units unsold as of December 31.

What is the total cost of sales in 2020?

please answer with detailed explanation

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