Q No 4. Solve the following equation by FIFO, LIFO and Average Method. Find value to the inventory by FIFO, LIFO and Average Methods. Opening Inventory is 8 Units at Rate of 10 at start of December and during the year the following were the purchases and sales of inventory: Purchases Sales 2/12 6 units @ 12 15/12 4 units @ 22 22/12 6 units @ 16 15/12 14 units @ 25