Question: 12. A company values its inventory using the first in, first out (FIFO) method.At 1 May 20X2 the company had 700 engines in inventory, valued

12. A company values its inventory using the first in, first out (FIFO) method.At 1 May 20X2 the company had 700 engines in inventory, valued at $190 each.During the year ended 30 April 20X3 the following transactions took place: 20X21 July Purchased 500 engines at $220 each and 1 November Sold 400 engines for $160,000; During 20X31 February Purchased 300 engines at $230 each and 15 April Sold 250 engines for $125,000. What is the value of the companys closing inventory of engines at 30 April 20X3

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