An organization's stock records show the following transactions for a specific item during last month: Date Receipts units Issues units 4th 50 13th 200 20th 50 27th 50 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.