Please answer the below question

2.1 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:

2.1.1 First-in-first-out (5 marks)

2.1.2 Last-in-first-out (5 marks)

2.1.3 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 manufacturing company, for a component used in production:

Date	Transaction details
	Opening inventory:
01	3000 units at R17 each
	Purchased from supplier:
03	46000 units at R18 each
16	37000 units at R19 each
23	15000 units at R20
	Returned to the supplier
04	1000 damaged units(purchased 03 May)
	Transferred to the production department:
	8000 units during May 2023

2.2

REQUIRED

Use the information given below to calculate the quantity that will minimise the total ordering and storage costs during 2024. (5 marks)

INFORMATION

Kip Enterprises intends purchasing 2 000 units of product Yogo per week during 2024 at R52 per unit. The following additional costs are incurred:

Ordering cost	R25 per unit order
Stockholding cost	10% of the unit purchase price