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