The management of Utley Inc. asks your help in determining the comparative effects of the FIFO, LIFO and Average Method inventory cost flow methods. For 2010 the accounting records show these data. Inventory, January 1 (10,000 units) Cost of 120,000 units purchased Selling price of 100,000 units sold Operating expenses $ 35,000 504,000 665,000 130,000 Units purchased consisted of 35,000 units $4.00 on May; 60,000 units $4.20 on August 15; and 25,000 units at $4.50 on November 20. Income taxes are 28%. a) Find out the value of closing inventory using FIFO, LIFO and Average method