Question: 1 Afcon Ltd uses a direct material (Product code: RM 005) in the production of their finished product. The following transactions took place during the

1 Afcon Ltd uses a direct material (Product code: RM 005) in the production of their finished product.

The following transactions took place during the month of February 2020:

01/02/2020Balance of 50 units at R20.00 each.

10/02/2020Purchased 75 units at R25.00 each from Reach Ltd on credit.

19/02/2020Purchased 25 units at R27.50 each for cash.

22/02/2020Issued 80 units into production.

25 /02/2020 Returned 10 units bought on the 10/02/2020, to Reach Ltd.

28/02/2020Received 5 units back from production.

Required:

Compile a stock ledger card for RM 005 using the FIFO inventory valuation method. (8)

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