Question 4 Banita 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 400 @ $14 300 $10 Jan 14 17 25 29 300 $8 220 @ $16 Bonita does not maintain perpetual inventory records. According to a physical count, 480 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is: $4200 53840 $4800 $4320