The following information was available from the inventory records of Rich Company for January:

Units

Unit Cost

Total Cost

Balance at January 1

3,000

$9.77

$29,310

Purchases:

January 6

2,000

10.30

20,600

January 26

2,700

10.71

28,917

Sales:

January 7

(2,500)

January 31

(4,000)

Balance at January 31

1,200

1- Assuming that Rich does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar? Answer 1

2- Assuming that Rich maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average inventory method, rounded to the nearest dollar