A business had opening inventory of 300 units valued at $4.50 per unit on 1 May. The following receipts and issues were recorded in May:

2 May Issue 200 units

7 May Receipt 500 units @ $4.80 per unit

13 May Issue 400 units

20 May Receipt 500 units @ $5.00 per unit

28 May Issue 450 units

1. What is the value of issues during the month using the FIFO method?

A $4,750

B $5,000

C $5,030

D $5,080

2. What is the value of issues during the month using the LIFO method?

A $4,750

B $5,000

C $5,030

D $5,070

3. What is the value of closing inventory? FIFO method LIFO method

A $1,180 $1,250

B $1,250 $1,180

C $1,250 $730

D $1,180 $730

4. What is the value of closing inventory using the AVCO method?

A $1,180

B $1,232

C $1,250

D $1,282