A company uses the first-in-first-out (FIFO) method of valuing inventory and makes the following purchases and issues of Material M. Date Units 1 July purchase 400 8 July purchase 750 12 July purchase 700 22 July issue 950 30 July issue 400 The inventory valuation of Material M on July 31 is: 

a) £1,190 

b) £1,215 

c) £1,225 

d) £1,200

Financial budgets include: 

a) Pro forma statements, a sales budget, and a cost of goods manufactured budget. 

b) A budgeted income statement and budgeted balance sheet only. 

c) A budgeted income statement, budgeted balance sheet, and cash budget. 

d) Pro forma statements, a capital expenditures budget, and a cash budget.