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A firm has the following transactions during January 2020, and it uses LIFO method of inventory. The inventory asset account has a zero balance on

A firm has the following transactions during January 2020, and it uses LIFO method of inventory. The inventory asset account has a zero balance on January 1, 2020. What is the balance in the firm's inventory asset account at the end of the reporting period, January 31, 2020? Date Transaction Type Number of Units Unit Price 1/2/2020 Purchase 100 $25 1/15/2020 Purchase 75 $27 1/16/2020 Purchase 125 $22 1/29/2020 Sale 275 $50 O A. $510 B. $550 OC. $606 $625 E. $675

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