Required: a. Compute the value of the inventory as at 31 May 2021 by using the first-in, first out (FIFO) method. (13 marks)

Question 3 A company made the following merchandise purchases and sales during the month of May with the assumption that there was no beginning inventory: Date Activities Units Acquired at Units Sold at Retail Cost 300 units at RM15/unit 270 units at RM20/unit 500 units at RM55/unit 300 units at RM24/unit 1 May Purchased 3 May Purchased 8 May Sold 12 May Purchased 14 May Sold 23 May Purchases 25 May Purchases 31 May Sales 250 units at RM55/unit 250 units at RM30/unit 800 units at RM25/unit 900 units at RM55/unit ...4/