The Loft Inc. sells shoes for $40 per pair. During January 2023, its inventory records were as follows: Date Units Unit Cost Total Cost 1-Jan Beg. inventory 100 pairs $22 $2,200 6-Jan Purchase 40 pairs $25 $1,000 15-Jan Purchase 70 pairs $30 $2,100 25-Jan Purchase 40 pairs $35 $1,400 250 $6,700 During the month of January, 150 pairs of shoes were sold. 1. Under FIFO, the Cost of Goods Sold at January 31 would be equal to: a. $2,200 b. $3,200 c. $4,020 d. $3,500 e. $4,500

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