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Problem 10-8 (IAA) Mildred Company is a wholesaler of office supplies. The FIFO used. The entity reported the following activity for inventory of calcul ators during the month of August: Cost 36.00 37.20 38.00 Units Inventory Sale Sale 20,000 30,000 36,000 48,000 38,000 16,000 August 1 12 21 38.60 What is the ending inventory on August 31? a. 1,500,800 b. 1,501,600 c. 1,522,880 d. 1,529,600 Problem 10-9 (AICPA Adapted) Andrea Company used the weighted average method to determine the cost of the inventory During the month of January, the entity recorded the following information pertaining to inventory Balance on January 1 Sold on January 17 Purchased on January 28 Units 40,000 20,000 Unit cost 50 Total 2,000,000 1,600,000 80 What amount of inventory should be reported on January 31? a. 2,000,000 b. 1,850,000 c. 1,625,000 d. 1,500,000 231