AaBb Cedbe AalbCodec AaBbCcDdE AaBbCcbc Heading 1 abe X2 XP PE Emphasis Normal Strong The following statement of financial position and statement of comprehensive incomes for the year ended 31 December were extracted from the full set of financial statements of Alex Ltd. The statement of financial position 20X9 20X8 Asset Fixed assets Inventory Trade debtors Bank and cash 468,564 21,400 21,650 66.540 578,154 256,464 17,890 25,200 60.000 359,554 Liability Trade creditors Interest payable Loan 15,900 1,800 120.000 137.700 18,900 600 120.000 139.500 Equity Share capital Share premium Reserve 200,000 230,000 10.454 440.454 578,154 120,000 100,000 54 220,054 359,554 CoalichUS) AaBhCcbdbe AaBbCcDdEe AaBbCeDdEe abe Xx? AaBbCcDc Heading 1 A be III wi HE Emphasis Normal Strong 7. A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20x3 the following transactions took place: 20X2 1 July 1 November Purchased 500 engines at $220 each Sold 400 engines for $160,000 20X3 1 February Purchased 300 engines at $230 each 15 April Sold 250 engines for $125,000 What is the value of the company's closing inventory of engines at 30 April 20X3? A $188,500 B $195,500 $166,000 D None of these figures (2 marks) Emphasis (Workings are needed.) Calich (US)