Tap Manufacturing Company records sales of $1,000,000 and cost of sales of $550,000 during the first quarter of 2011. Tap uses the LIFO inventory method, and its inventories are computed as follows:
Beginning LIFO inventory at January 1 10,000 units at $5 | $50,000 |
Ending LIFO inventory at March 31 6,000 units at $5 | $30,000 |
Before year-end, Tap expects to replace the 4,000 units liquidated in the first quarter. The current cost of the inventory units is $7 each.
REQUIRED: At what amount will Tap report cost of sales in its first-quarter interim report?
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