Consider the following information. The following receipts and issues were recorded.

Date

$2$ April Purchased $100$ units at P$55$ each

$6$ April Issued $400$ units

$10$ April Purchased $600$ units at P$60$ each.

$13$ April Issued $500$ units

$20$ April Purchased $500$ units at P$65$ each.

$25$ April Issued $600$ units.

$10$ May Purchased $800$ units at P$70$ each.

$12$ May Issued $500$ units.

$13$ May Issued $200$ units.

$15$ May Purchased $500$ units at P$75.$

$12$ June Issued $400$ units.

$15$ June Purchased $300$ units at P$80$ each

Additional information:

The stock of material on hand on $1$ April $2020$ was $400$ units at P$50$ per unit.

Required:

Determine the value of closing inventories at $15$ June $2020$ using:

a$)$ The FIFO method.

b$)$ The LIFO method