Calculate the value of closing inventory using: a. FIFO Method 1 May 2020 3 May 5 May 10 May 15 May 20 May 25 May 28 May 31 May Opening balance Purchases Issues Return 40 units purchased on the 3rd of May to the supplier Purchased Issued Returned 20 units to the storeroom Purchased Issued 200 units @ R20 100 units @ R22 120 units 300 units @ R24 240 units 150 units@ R25 210 units R4000 R2 200 R7200 R3750