Exam, Q2. Transactions during May 20Xlat Trekking Ltd Quantity (Units ) Unit ($/unit) cost Total cost($) 20 2.000 8.400 22 6.600 Opening balance 1 May Receipt 3 May 400 Issue 4 May 200 Receipt 9 May 300 Issue 11 May Receipt 18 May 100 Issue 20 May Closing balance 200 31 May 24 2 400 Note: +Receipts mean goods are received into store. + Issues represent the issue of goods from store, Requirement: How would cost of goods sold and closing inventory be valued using: FIFO method? (30 points)