QUESTION 8 During January 2010, Metro Co., which maintains a perpetual inventory system, recorded the following information pertaining to its inventory: Units Unit Cost Total Cost Units on hand Balance on 1/1/10 1,000 $1 $1,000 1,000 Purchased on 1/7/10 600 $1,800 1,600 Sold on 1/20/10 900 700 Purchased on 1/25/10 400 $5 $2,000 1,100 Under the FIFO method, what amount should Metro report as inventory at January 31, 2010? 1. $3.900 2. $1,300 3. $900 4.$5,500