$1\mathrm{.}3$

REQUIRED

Use the information given below to calculate the value of closing inventory as at $31$ March $2024$ and the value

of issues during March $2024$ using the following methods of inventory valuation:

$1\mathrm{.}3\mathrm{.}1$ First$-$in$-$first$-$out $(5$ marks$)$

$1\mathrm{.}3\mathrm{.}2$ Weighted average cost. $($Express the average cost per unit in Rands and cents.$)(5$ marks$)$

INFORMATION

The following transactions of Seatides Manufacturers took place during March $2024$ in respect of a component

used in production:

Date Transactions

$01$ Opening inventory $800$ units @ R$20$ per unit

$07$ Purchased from a supplier $1400$ units @ R$22$ per unit

$15$ Purchased from a supplier $2700$ units @ R$24$ per unit

$16$ Returned to the supplier $($see $15$th March$)200$ units

$28$ Purchased from a supplier $300$ units @ R$25$ per unit

$31$ Issued to production during March $4000$ units