Question 16 (2 points) Saved Elliot Co. opened its doors for business on January 1st of 2022. Below is a chart outlining the purchases and sales of inventory for Elliot's first month of business: Date Event Units Price 1/3 Purchase Inventory 20 S20/unit 1/6 Purchase Inventory 8 S25/unit 1/9 Sell Inventory 15 S50/unit 1/11 Purchase Inventory 7 S30/unit 1/14 Purchase Inventory 9 S40/unit 1/15 Sell Inventory 20 S55/unit Elliot Co. uses the perpetual system to account for its inventory. Assuming Elliot Co. uses the LIFO cost-flow assumption, what will the company report as January 31 2022 LIFO Reserve? $92 $180 $83 $ N/A - there will be no LIFO reserve reported