Transactions for the month of January were:

Purchases Sales

Jan 1 (balance) 3,200 @ $3.20 Jan 2 2,400 @ $5.50

3 8,800 @ 3.10 6 6,400 @ 5.50

7 4,800 @ 3.30 9 4,000 @ 5.50

15 7,200 @ 3.40 10 1,600 @ 6.00

22 2,000 @ 3.50 18 5,600 @ 6.00

31 800 @ 6.00

Assuming that perpetual inventory records are kept in dollars, the ending inventory on January 31 on FIFO basis is

a. $16,440

b. $16,640

c. $17,880

d. $17,160