Question: 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

  1. 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:

20X2:

1 July Purchased 500 engines at $220 each

1 November Sold 400 engines for $160,000

20X3:

1 February Purchased 300 engines at $230 each

15 April Sold 250 engines for $125,000

What is the value of the company's closing inventory of engines at 30 April 20X3?

A $188,500

B $195,500

C $166,000

D None of these figures

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