Question 1 Consider the following information: April 1 April 5 April 6 April 10 April 15 April 20 April 25 April 30 April 30 REQUIRED Inventories on hand are 50 units at the rate of $2 and 100 units at the rate of $4.50. Purchased 100 units at $1.80. 10 units of inventories purchased on April 5 at $1.80 are returned to supplier. 80 units issued to factory. 50 units issued to factory. 20 units purchased at $1.50. 70 units issued to factory. 50 units purchased at $1.70. 10 units returned to store out of units issued to factory on April 25. Calculate the closing value of the inventory on hand on April 30 using the First In First Out (FIFO) method