Problem:
Acme-Jones Corporation uses a LIFO perpetual inventory system. August 2, 36 units were purchased at $17 per unit. August 5, 21 units were purchased at $13 per unit. August 15, 23 units were sold at $47 per unit. August 18, 26 units were purchased at $14 per unit.
Required:
Question: What was the amount of the cost of goods sold?
Note: Explain all steps comprehensively.