49. Partridge Bookstore had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows: Date Jan. 14 Purchases Sales 375 @ $28 17 25 29 250 $20 250 @ $2.2 260 @ $3.2 Partridge 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. $6,570. b. $7,300. c. $7,800. d. $8,030 Ans: C, SO: 2, Bloom: AP, Difficulty: Medium, Min: 3, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC; Problem Solving, IMA: FSA