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| Peter values his inventory using FIFO (First In First Out). At 1 January 20X1, Peter had opening inventory of 18 racing bikes, valued at $880 each. During the financial year ended 31 December 20X1,the following transactions occurred： 27 March Purchased 15 racing bikes at $760 each 5 May Sold 10 racing bikes for $12,000 1 August Sold 12 racing bikes for $12,600 10 September Purchased 5 bikes at $850 each What is the value of Peter’s closing inventory of racing bikes at 31 December 20X1? A $12,610 B $13,600 C $13,930 D $15,800 |