Hopkins Inc. has a beginning inventory balance of $450 (150 units purchases at $3 each). The following table shows the company's purchases and sales of inventory during the month of January:

Purchases

units cost/unit

January 10 300 $4 January 22 500 $5

Sales

units price/unit

January 20 400 $8 January 28 400 $9

Assuming that Hopkins Inc. uses the periodic LIFO method, determine the value of inventory at the end of January.

Select one:

a. $3,700

b. $750

c. $450

d. $4,150

e. $3,400