Closing inventory quantity via FIFO, valued at estimated selling price Steps:

• Total units purchased: 1000 (12 June) + 1000 (16 June) = 2000 units.
• Units sold: 800 on 16 June; under FIFO, these come from the 12 June batch.
• Closing units: 2000 - 800 = 1200 units (200 from 12 June batch + 1000 from 16 June batch).
• Value closing inventory at estimated unit selling price of $20: 1200 ×$20 = $24,000. Why C is correct:
• FIFO identifies the 1200 remaining units, valued at the given estimated selling price of $20 per unit at 30 June. Why the others are wrong:
• A: $24,600 overstates by using incorrect price or units (e.g., 1200 ×$20.50).
• B: $28,000 assumes wrong closing units (e.g., 1400 ×$20).
• D: $44,000 treats all 2000 units at inflated price (e.g., 2000 ×$22). Final answer: C