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Problem #8 Quayle Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 380 @ $15 17 250 @ $10 25 250 @ $12 29 260 @ $17 Quayle does not maintain perpetual inventory records. According to a physical count, 400 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: 1