4.10 Basic. An organization's stock records show the following transactions for a specific item during last month: Date Receipts units Issues units 4th 50 13th 200 20th 50 27th 50 The stock at the beginning of last month consisted of 100 units valued at 6700. The receipts last month cost 62 per unit. The value of the closing stock for last month has been calculated twice - once using a FIFO valuation and once using a LIFO valuation. Which of the following statements about the valuation of closing stock for last month is correct? (a) The FIFO valuation is higher than the LIFO valuation by 250. (b) The LIFO valuation is higher than the FIFO valuation by 250. (c) The FIFO valuation is higher than the LIFO valuation by 500. (d) The LIFO valuation is higher than the FIFO valuation by 500