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Bradley Company starts the year with 20,000 cat calming collars costing $2 each. During the...

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Accounting

Bradley Company starts the year with 20,000 cat calming collars costing $2 each. During the year, the company bought another 450,000 collars for a total of $1,112,000. Within these figures was the acquisition of 18,000 collars for $3.30 each on December 26, and 10,000 collars for $2.90 each on December 18. Those were the last two purchases of the year. On December 31, the company took a physical count and found 21,000 collars on hand. If a FIFO cost flow assumption is applied, what is the cost of goods sold?

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