At the beginning of June there were 500 Widgets held in the stores. 200 of these Widgets had been purchased for 12.50 each in May and 300 had been purchased for 13 each in April. On 15th June a further 150 Widgets were received into stores at a purchase cost of 13.20 each. The only issue of Widgets in June occurred on the 25th, when 90 units were issued to production. Using the FIFO valuation method, what was the value of the opening inventory of Widgets on 1st July? 15. Given the following cost and activity observations for Leno Enterprises utilities, use the high-low method to calculate Leno's variable utilities cost per machine hour. Cost September 4,100 October 3,700 November December 3,900 4,500 Machine Hours 22,000 18,000 19,000 28,000