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Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2010 are as follows: Units Per unit price
Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2010 are as follows:
| Units | Per unit price | Total |
| Balance, 1/1/10 | 200 | $5.00 | $1,000 |
| Purchase, 1/15/10 | 100 | 5.30 | 530 |
| Purchase, 1/28/10 | 100 | 5.50 | 550 |
An end of the month (1/31/10) inventory showed that 120 units were on hand. If the company uses FIFO, what is the value of the ending inventory?
| A. | $1,424 | |
| B. | $600 | |
| C. | $520 | |
| D. | $656 |
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