Entity B is a newly established international trading company. It commenced its operations in 2008. Entity B imports goods from China and sells in the local market. It uses the FIFO method to value its inventory. Listed below are purchases and sales made by the entity during 2009: 

Based on the FIFO cost assumption, compute the value of inventory at 31 May 2009, 30 September 2009 and 31 December 2009.

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Purchases January 2009 March 2009 September 2009 Sales May 2009 10,000 units @ 50 each 15,000 units @ 60 each 20,000 units @ 70 each 15,000 units November 2009 20,000 units