Problem:
At the end of January, Higgins Data Systems had an inventory of 770 units, which cost $14 per unit to produce. During February, the company produced 1,190 units at a cost of $17 per unit.
Required:
Question 1: If the firm sold 1,270 units in February, what was its cost of goods sold? (Assume LIFO inventory accounting.) Clarify comprehensively and specify all computation and methods.