West Co. recorded the following inventory information during the month of February:
|
Units |
Unit cost |
Total cost |
Units on Hand |
|
|
Balance on 2/1 |
800 |
$2 |
$1,600 |
800 |
|
Purchased on 2/8 |
1,000 |
$3 |
$3,000 |
1,800 |
|
Sold on 2/14 |
1,500 |
300 |
||
|
Purchased on 2/17 |
2,000 |
$1 |
$2,000 |
2,300 |
|
Sold on 2/23 |
1,600 |
700 |
||
|
Purchased on 2/28 |
800 |
$4 |
$3,200 |
1,500 |
West uses the LIFO method to cost inventory. What amount should West report as inventory at the end of February under each of the following methods of recording inventory?
a) Perpetual: $4,200, Periodic: $3,700.
b) Perpetual: $3,700, Periodic: $3,700.
c) Perpetual: $3,700, Periodic: $4,200.
d) Perpetual: $4,200, Periodic: $4,200.
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