2) A manufacturing company uses FIFO (First In First Out) method of valuing its inventory and issues. Its products are normally sold in the market during Christmas. To meet the market demand, the company purchased raw materials in many lots and issued to production. Below transactions were given for December 2021. You are required to calculate the value of closing stock at the end of December 2021. Dec. 03,2021 Raw material purchases 3,000 units, each costing $2.00 Dec. 05,2021 Raw material purchases 2,500 units, each costing $2.10 Dec 10,2021 Raw material purchases 3,200 units, each costing $2.00 Dec 12,2021 Issued to production 7,500 units Dec 15,2021 Raw material purchases 3,200 units, each costing $2.25 Dec 18,2021 Raw material purchases 3,500 units each costing $2.10 Dec 20,2021 Issued to production 7,000 units