Question

Quayle Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales...

Quayle Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows:

Date Purchases Sales

Jan. 14 380 @ $15

17 250 @ $10

25 250 @ $12

29 260 @ $17

Quayle does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31.

The cost of the inventory at January 31, under the FIFO and LIFO methods are which:

(a) $3,240

(b) $3,650

(c) $4,100

(d) $3,820

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