$2\mathrm{.}2$ REQUIRED

Use the information provided below to calculate the value of closing inventory as at $30$ September $2020$

and gross profit for the financial year ended $30$ September $2020,$ using the:

$2\mathrm{.}2\mathrm{.}1$ First$-$in$-$first$-$out $($FIFO$)$ method. $(4$ marks$)$

$2\mathrm{.}2\mathrm{.}2$ Weighted average cost method. $($Round off the weighted average cost per unit to the

nearest cent.$)(4$ marks$)$

$2\mathrm{.}2\mathrm{.}3$ Last$-$in$-$first$-$out $($LIFO$)$ method. $(3$ marks$)$

Note: An extract of the Statement of Comprehensive Income must be used to reflect each of the above.

INFORMATION

September Transactions Units of inventory Unit price

$01$ Opening inventory $12000$ R$20$

$14$ Purchases $80000$ R$20$

Carriage on purchases $80000$ R$2$

$15$ Returned to supplier $($see $14)8000$ R$20$

$22$ Purchases $16000$ R$22$

Carriage on purchases $16000$ R$2$

$30$ Sales for September $202080000$ R$40$

Note:

$$ The unit price of the opening inventory includes the carriage on purchases.

$$ No refund was obtained on the carriage for the goods returned on $15$ September