Response to the following problem:
Lifetime Sports, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 1,000 units of inventory carried at LIFO cost of $50 per unit. During the first quarter, it purchased 5,000 units at an average cost of $80 per unit and sold 5,300 units at $100 per unit.
The company does not expect to replace the units of beginning inventory sold; it plans to reduce inventory by year-end to 500 units. What amount of cost of goods sold is to be recorded for the quarter ended March 31?
PLEASE SHOW CALCULATIONS ON HOW YOU ARRIVED AT YOUR ANSWER.