Question

Crane Bookstore had 520 units on hand at January 1, costing $9 each. Purchases and sales...

Crane Bookstore had 520 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows:

Date Purchases Sales
Jan.    14 385 @ $14
17 280 @ $10
25 280 @ $12
29 240 @ $17


Crane does not maintain perpetual inventory records. According to a physical count, 455 units were on hand at January 31.

The cost of the inventory at January 31, under the FIFO method is:

$5460.

$4550.

$4095.

$5110.

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