A business had the following movements in inventory during the last three months: January purchased 10 items at 20 each February; sold 10 items at 25 each March: purchased 20 items at 21.50 each and sold 5 items at 27 each Opening inventory was 6 items valued at 18.50 each. What is the value of closing inventory using the FIFO cost method? 450 430 E261 421