Same information as the previous question. Auto Resales, Inc. started business on January 1, 20X1 (beginning inventory balance is zero). On January 1, 20X1 the company purchased all of the inventory for their used car sales lot. Purchase information is: Total cost of the cars purchased $1,500,000 Number of cars purchased 100 Types of cars, number of cars, and sales price per car are as follows: Number purchased Sales price per car Ford 20 $10,000 Lexus 40 $20,000 BMW 40 $25,000 Total number of lots 100 During the year, Auto Resales, Inc. sold the following cars: Ford 8 Lexus 10 BMW 30 Total cars sold 48 Ending inventory in units 52 Using the relative sales value approach, what is the total cost of goods sold for 20X1?