Question: Nest Co. recorded the following inventory information during the month of January: Units Unit cost Total cost Units on hand Balance on 1/1 2,000 $1

Nest Co. recorded the following inventory information during the month of January:

Units Unit cost Total cost Units on hand Balance on 1/1 2,000 $1 $2,000 2,000 Purchased on 1/8 1,200 3 3,600 3,200 Sold on 1/23 1,800 1,400 Purchased on 1/28 800 5 4,000 2,200 Nest uses the LIFO method to cost inventory. What amount should Nest report as inventory on January 31 under each of the following methods of recording inventory?

Perpetual Periodic

a. $2,600 $5,400

b. $5,400 $2,600

c. $2,600 $2,600

d. $5,400 $5,400

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