Short question 3 Date Inventories 1st March 2022 Opening inventories - 4,000 units at 40 per unit 4th March 2022 Purchases -1,000 units at 50 per unit 25th March 2022 Sales - 1,500 units Required Calculate the value of the closing inventories for the period ending 31st March 2022 using the First-in, First out (FIFO) method. (2 marks)