Multiple Choice 0/1 point (ungraded) A factory uses the LIFO method to calculate the cost of inventory issued to production. The following details relate to the inventory movements during May X4. Opening Inventory 125 kg @ $10.50/kg purchased on 03/04/X4 75 kg @ $11.25/kg purchased on 15/04/24 150 kg of material were issued to production during May X4 in three equal amounts on 5th, 12th and 19th May ie 50kg in each issue. The factory purchased 175 units @ $10.00/kg on 02/05/X4 What is the total value of closing inventory on 31/05/X4? $2,250.00 $2,312.50 $2,362.50 $2,406.25 Explanation (125 units @ $10.50/unit) + (75units @ $11.25/unit) + (25 units @ $10.00/unit) = $2,406.25