Question 28 Kinley Enterprises had the following beginning inventory and made the following inventory purchases: Not yet answered Points out of 1.00 Beginning inventory on January 1, 20X1: 100 units at $20 per unit = $2,000 Purchase on January 5, 20X1: 300 units at $19 per unit = $5,700 Purchase on January 16, 20X1: 200 units at $18 per unit = $3,600 Purchase on January 25, 20X1: 400 units at $17 per unit = $6,800 P Flag question During January 20X1, 600 units were sold. If the ending balance in inventory, reported on the balance sheet is $7,240, which inventory costing method is being used? Select one: 0 First-in-first-out (FIFO) O Last-in-first-out (LIFO) 0 Average cost O Not enough information to tell