Using different methods lead to different results. 1 July 1,000 units bought at $20 each (Opening inventory) 3 July Bought 3,000 units at $21 each 5 July Sold 500 units for $50 each 19 July Bought 1,000 units at $23 each 23 July Sold 1,500 units for $50 each Required: (a) Calculate the value of closing inventory at the end of July using FIFO, LIFO, AVCO. (b) Calculate the gross profit for July using each of the methods. (c) If prices are rising method of inventory valuation will give the highest closing inventory value and will give the highest gross profit.