City Stationers Inc. had 200 calculators on hand on January 1, Year 2, costing $18 each. Purchases and sales of calculators during the month of January were as follows: Date Purchases Sales Jan. 12 150 @ $28 15 100 @ $20 27 100 @ $22 30 100 @ $32 City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31. The cost of the inventory on January 31 under the FIFO method is: a. $400. b. $3,100. c. $3,200. d. $2,700. Feedback Area