An organization?s stock records show the following transactions for a specific item during last month:

The stock at the beginning of last month consisted of 100 units valued at ?6700.The receipts last month cost ?62 per unit.The value of the closing stock for last month has been calculated twice ? once using a FIFO valuation and once using a LIFO valuation.Which of the following statements about the valuation of closing stock for last month is correct?(a) The FIFO valuation is higher than the LIFO valuation by ?250.(b) The LIFO valuation is higher than the FIFO valuation by ?250.(c) The FIFO valuation is higher than the LIFO valuation by ?500.(d) The LIFO valuation is higher than the FIFO valuation by ?500.

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Issues units Receipts units Date 4th 13th 20th 27th 50 200 50 50