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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