Read the following questions and answer questions that follow. Consider the following information. The following receipts and issues were recorded. Date 2 April 6 April 10 April 13 April 20 April 25 April 10 May 12 May 13 May 15 May 12 June 15 June Purchased 100 units at P55 each Issued 400 units Purchased 600 units at P60 each. Issued 500 units Purchased 500 units at P65 each. Issued 600 units. Purchased 800 units at P70 each. Issued 500 units. Issued 200 units. Purchased 500 units at P75. Issued 400 units. Purchased 300 units at P80 each. Additional information: The stock of material on hand on 1 April 2020 was 400 units at P50 per unit. Required: Determine the value of closing inventories at 15 June 2020 using: a) The FIFO method. b) The LIFO method