cussnow $2$

$(20$ u$$s$)$

$21$

REQUIRED

Use the information given below to calculate the net value of issues to production for May $2023$ and value of closing inventory as at $31$ May $2023$ using the following methods of inventory valuation:

$21\mathrm{.}1$ First$-$in$-$first$-$out

$(5$ marks$)$

$2\mathrm{.}1\mathrm{.}2$ Last$-$in$-$first$-$out

$(5$ marks$)$

$21\mathrm{.}3$ Weighted average cost. $($Express the average cost per unit in rands and cents.$)$

$(5$ marks$)$

INFORMATION

The following information for May $2023$ was extracted from the records of Kens Limited, a manulacturing company, for a component used in production:

$\backslash$table$[[$Date$,$Transaction details$],[,$Opening inventory:$],[01,3000$ units at R$17$ each$],[03,$Purchased from a supplier:$],[16,36000$ units at R$18$ each$],[23,15000$ units at R$20$ each$],[,$Returned to the supplier:$],[04,1000$ damaged units $($purchased $03$ May$)],[,$Transferred to the production department:$],[,80000$ units during May $2023]]$