Post Utme Eksu 2025 Accounting Question 12

A company uses the FIFO method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦120,000 and a physical count of 1,000 units. The work-in-progress inventory has a cost of ₦180,000 and a physical count of 500 units. The finished goods inventory has a cost of ₦250,000 and a physical count of 200 units. If the company uses a cost formula of 60% for raw materials, 20% for work-in-progress, and 20% for finished goods, what is the total value of the inventory?