1. In a factory, stores are issued and accounted for on FIFO method. If the stock of a particular material on 1st Jan. 1992 is 1,000 units valued at $5 per unit and the particulars of purchases and issues during the month of January 2002 are as follows: Dates Purchase /Issue Inventory Jan. 3 Purchases 200 units at $ 5.50 Jan 15 Purchases 1,400 units at $ 600 Jan 21 Purchases 800 units at $ 650 Jan 23 Issues 1,000 units Calculate the cost of Inventory by (i) FIFO method (5M) (ii) LIFO method