City Stationers, Inc. had 200 calculators on hand at January 1, 2008 costing $18 each. Purchases and
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City Stationers, Inc. had 200 calculators on hand at January 1, 2008 costing $18 each. Purchases and sales of calculators during the month of January were as follows:
City does not maintain perpetual inventory records. According to a physical count, 150 calculators were on hand at January 31, 2008.
Required:
1. What is the cost of the inventory at January 31, 2008 under the FIFO method?
2. What is the cost of the inventory at January 31, 2008 under the LIFO method?
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