company had the following inventory transactions for the reporting period ending 31 March 2018:

Number of Units Unit Price Cost ($)

Opening inventory at 1 April 2017 2000 @ $5 10,000

Purchases on 1 July 2017 6000 @ $6 36,000

Purchases on 15 October 2017 8000 @ $8 64,000

Purchases on 1 February 2018 4,000 @$10 40,000 total 20,000 150,000

During the year, company sold 15,000 units, and had 5,000 units on hand at the end of the reporting period. The company uses a periodic inventory system to record inventory.

Assume company uses the FIFO method to measure its inventory as at 31 March 2018. On 31 March 2018, company estimated selling price per unit as follows:

Estimated selling price of units purchases on 15 October 2017= $7.00 Estimated selling price of units purchases on 1 February 2018 = $8.50

please Calculate the value of inventories to be shown in the Statement of Financial position as at 31 March 2020 and prepare any adjusting journal entries if required.