A company values its inventory using the FIFO method. At 1 May 20X5 the company had 700 engines in inventory,

valued at $190 each. During the year ended 30 April 20X6 the following transactions took place:

20X5

1 July Purchased 500 engines at $220 each

1 November Sold 400 engines for $160,000

20X6

1 February Purchased 300 engines at $230 each

15 April Sold 250 engines for $125,000

What is the value of the companys closing inventory of engines at 30 April 20X6?

A $188,500

B $195,500

C $166,000

D $106,000