Adam IncUses a Perpetual Inventory System and Has the Following Data

Multiple Choice

Adam Inc.uses a perpetual inventory system and has the following data for January:
$$\begin{array} { r l r } \text { Jan. } 1 & \text { On hand, } 10 \text { units } @ \$ 2 \text { each } & \$ 20 \\4 & \text { Sold } 8 \text { units } @ \$ 10 \text { each } & 80 \\22 & \text { Purchased } 50 \text { units } @ \$ 4 \text { each } & 200 \\26 & \text { Sold } 48 \text { units } @ \$ 10 \text { each } & 480\end{array}$$
- If Adam uses the FIFO method,how much is ending inventory on January 31?

A) $8
B) $12
C) $16
D) $40