Inventory is often reported as a miscellaneous expense on the income statement O reported as a current asset on the balance sheet. O reported under the classification of Property, Plant, and Equipment on the balance sheet. O generally valued at the price for which the goods can be sold. e Texthook and Maria Coronado Bookstore had 520 units on hand at January 1. costing $6 each. Purchases and sales during the month of January were as follows: Purchases Sales 365 @$14 Date Jan. 14 17 25 29 210 @ $8 210 @ $10 280 @ $16 Coronado does not maintain perpetual inventory records. According to a physical count 295 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is: S2360 $2780. $2950 O $1770. Swifty's Place recorded the following data: Units Sold On Hand Unit Cost Date Received 700 $2.50 11 Inventory 1/8 Purchased 1/12 Sold 900 1600 3.30 1290 310 The weighted average unit cost of the inventory at January 31 is $2.95 $3.70 $2.90 O $2.50