An inventory record card shows the following details.
February
1
50 units in stock at a cost of $40 per unit
7
100 units purchased at a cost of $45 per unit
14
80 units sold
21
50 units purchased at a cost of $50 per unit
28
60 units sold
What is the value of inventory at 28 February using the FIFO method?
The correct answer is: $2,950.
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