An organisation’s inventory at 1 July is 15 units @ $3.00 each. The following movements occur:
3 July 20X6 5 units sold at $3.30 each
8 July 20X6 10 units bought at $3.50 each
12 July 20X6 8 units sold at $4.00 each
What would be the closing inventory at 31 July using FIFO method of inventory valuation?
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