With the current information please complete the table below for the transactions that have been provided using the following methods of inventory valuation:

1.1.1 Weighted average cost

1.1.2 FIFO

please use this table for both answers

Attached information

The following info has been extracted from records of Venus limited, which is a manufacturing business, for an inventory item that is named workout plus used in Project Y for March 2017:

1.2

Shamo ltd is currently using the standard costing system. The current standards for Product Y as follow:

Answer required

1.2.1. Calculate quality variance of the material

1.2.2. Calculate the variable manufacturing overhead efficiency variance

1.2.3. Fixed manufacturing overhead volume variance.
 

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Purchases Date Quantity Price Amount Issues/Returns to supplier Balance Quantity Price Amount Quantity Price Amount Purchases Date Quantity Price Amount Issues/Returns to supplier Balance Quantity Price Amount Quantity Price Amount