Kershaw Bookstore had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows:
Date Purchases Sales
Jan. 14 375 @ $28
17 250 @ $20
25 250 @ $22
29 250 @ $32
Kershaw does not maintain perpetual inventory records. According to a physical count, 375 units were on hand at January 31.
what is the cost of the inventory at January 31, under the FIFO method ?