Use the Following Information for Questions:
a Company Had the Following

question 37

Multiple Choice

Use the following information for questions:
A company had the following inventory activity during January: $\begin{array}{lrrr}&\text { Units}&\text { Unit Cost }&\text {Total Cost }\\\hline\text { Beginning inventory } & 800 & \$ 10.00 & \$ 8,000 \\\text { Purchase: January } 5 & 1,400 & 11.00 & 15,400 \\\text { Sale: January } 8 & (1,500) & & \\\text { Purchase: January 13 } & 900 & 10.50 & 9,450 \\\text { Sales: January } 24 & (900) & &\end{array}$
-If the company is using a perpetual system and the FIFO costing assumption, what is the ending inventory closest to?

• A)$7,100
• B)$7,350
• C)$7,650
• D)$7,920

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