Holly Ltd has valued its inventory on the LIFO basis, but is now considering a change to the FIFO

method or the weighted average cost basis to be in line with Irish accounting laws and standards.

Their records disclose that the opening inventory of $2,000$ units at $1^{st}$ July $2023$ were valued at a price

at $2\mathrm{.}30$ each.

The following transactions took place during the months of July $2023$ to October $2023$:

You are required to:

$($a$)$ Calculate what the closing inventory valuation was at ${31}^{st}$ October $2023$ using:

$($i$)$ The LIFO method

$($ii$)$ The FIFO method

$($iii$)$ The weighted average cost method

$($b$)$ Outline one advantage of the FIFO method.