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Example Quantity Market Value Units Opening balance, 1 May 100 Receipts, 3 May 400 2.11 Issues, 4 May 200 2.11 Receipts, 9 May 300 2.15 Issues, 11 May 400 2.2 Receipts, 18 May 100 2.4 Issues, 20 May 100 2.42 Closing balance, 31 May 200 2.45 1,916 Requirement: (a) What was the cost of the material issued from store in October, using the FIFO valuation method? (b) What was the value of the closing inventory on 31 October? Unit cost $ 2 2.1 2.12 2.4 Total Cost $ 200 840 636 240