The stock at the beginning of last month consisted of 100 units valued at £6700. The receipts last month cost £62 per unit. The value of the closing stock for last month has been calculated twice – once using a FIFO valuation and once using a LIFO valuation. Which of the following statements about the valuation of closing stock for last month is correct? (a) The FIFO valuation is higher than the LIFO valuation by £250. (b) The LIFO valuation is higher than the FIFO valuation by £250. (c) The FIFO valuation is higher than the LIFO valuation by £500. (d) The LIFO valuation is higher than the FIFO valuation by £500.
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