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  3. 6. inventory is reported in the financial statemen

6. Inventory is reported in the financial statements at a. cost. b. market c. the...

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6. Inventory is reported in the financial statements at a. cost. b. market c. the higher-of-cost-or-market. d. the lower-of-cost-or-market. Jason's 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 Jan. 14 Sales 17 375 @ 14 250 @ $10 25 250 @ $11 260 @ $16 Jason 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 method is: a. $3,285. b. $3,650. c. $3,900. d. $4,015. Laurel's 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. 14 375 @ $14 250 @ $10 25 250 $11 260 @ $16 Laurel 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 LIFO method is: a. $3,285. b. $3,650 C. $3,900. d. $4,015

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