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)