During January, Metro Co., which maintains a perpetual inventory system, recorded the following information pertaining to its inventory:
Balance on 1/1
1,000
$1
$1,000
Purchased on 1/7
600
3
1,800
1,600
Sold on 1/20
900
700
Purchased on 1/25
400
5
2,000
1,100
Using the LIFO method, what amount should Metro report as inventory at January 31?
$4,100
$1,300
$3,900
$2,700
Balance 1/1
$1.00
Purchased 1/7
3.00
2,800
Sold 1/20
(600)
(1,800)
Sold 1/31
(300)
1.00
Purchased 1/25
5.00
2,700
Choice "D" is correct, $2,700 LIFO inventory cost at January 31.
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