Problem #$27$:

$$

A company values its inventory using the first in$,$ first out $($FIFO$)$ method. At $1$ January $20$X$5$ the company had $800$ widgets in inventory, valued at $$75$ each.

During the year ended $31$ December $20$X$5$ the following transactions took place:

$20$X$5$

$1$ February Purchased $500$ widgets at $$80$ each

$1$ May Sold $400$ widgets for $$45,000$

$1$ August Purchased $450$ widgets at $$69$ each

$15$ November Sold $450$ widgets for $$28,750$

What is the value of the company$$s closing inventory of widgets at $31$ December $20$X$5?$