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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:
What is the value of the company's closing inventory of engines at 30 April 20X3? A. $195,500 B. $188,500 C. $166,000 D. None of these figures |