Marigold Bookstore had 520 units on hand at January 1, costing $9 each. Purchases and...
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Accounting
Marigold 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
395 @ $14
17
240 @ $12
25
220 @ $12
29
250 @ $16
Marigold does not maintain perpetual inventory records. According to a physical count, 335 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is:
$3015.
$4068.
$4020.
$3500.
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