Transactions during May 2003 Quantity units Unit cost $000 Total cost $000 Market value per unit on date of transaction $000 Opening balance 1 May 2003 100 2.00 200 2.11 Receipts 3 May 2003 400 2.10 840 2.11 Issues 4 May 2003 200 2.15 Receipts 9 May 2003 300 2.12 636 2.20 Issues 11 May 2003 400 2.35 Receipts 18 May 2003 100 2.40 240 2.35 Issues 20 May 2003 100 2.38 Closing balance 31 May 2003 200 1,916 What is the value of closing inventory using; a. FIFO b. LIFO c. AVCO