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Inventory related information1st April : Purchased 2500 units @ 45 on credit20th April: Purchased 3000 units @ 55 for cash 1st May: sold 2700 units

Inventory related information1st April : Purchased 2500 units @ 45 on credit20th April: Purchased 3000 units @ 55 for cash 1st May: sold 2700 units @ 120. Company follows FIFO for inventory valuation

Market value of the stock = 58

Find the value of closing stock.

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