Tool City, Inc. had 300 cordless screwdrivers on hand at January 1, 20X1 costing $45 each. Purchases and sales of cordless screwdrivers during the month of January were as follows: Date January 9 January 14 January 23 January 25 January 30 Purchases 100 @ $47 100 @ $48 Sales 200 @ $75 75 @ $76 75 @ $77 Tool City does not maintain perpetual inventory records. Based on a physical count, 150 cordless screwdrivers were on hand at January 31, 20X1. Required: a. What is the cost of the inventory at January 31, 20X1 under the FIFO method? b. What is the cost of the inventory at January 31, 20X1 under the LIFO method? c. What is the cost of the inventory at January 31, 20X1 under the FIFO method if only 145 cordless screwdrivers were on hand at the time of the physical count? Based on the data given, what is the most likely explanation for the fact that only 145 cordless 4

Tool City. Inc. had 300 cordless screwdrivers on hand at January 1, 201 costing $45 each. Purchases and sales of cordless screwdrivers during the month of January were as follows: Tool City does not maintain perpetual inventory records. Based on a physical count, 150 cordiess screwdrivers were on hand at January 31, 201 Required: a. What is the cost of the inventory at January 31,201 under the F1FO method? b. What is the cost of the inventory at January 31, 20X1 under the LFO method? c. What is the cost of the inventory at January 31, 20x1 under the FIFO method if only 145 cordiess screwdrivers were on hand at the time of the physical count? Based on the data given, what is the most likely oxplanation for the fact that only 145 cord ess