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Tool City, Inc

Marketing

Tool City, Inc. had 300 cordless screwdrivers on hand on January 1, 2015, costing $45 each. Purchases and sales of cordless screwdrivers during the month of January were as follows:

 

Date Purchases Sales
January 9   200 @ $75
January 14 100 @$47  
January 23   75 @ $76
January 25 100 @ $48  
January 30   75 @ $77

Tool City does not maintain perpetual inventory records. According to a physical count,150 cordless screwdrivers were on hand on January 31, 2015.

- What is the cost of the inventory on January 31, 2015, under the LIFO method?

Option 1

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2.88 USD

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