QUESTION 1 Answer the questions from the information provided. 1.1 Use the information provided below to complete the table for each of the following methods of inventory valuation: Weighted average (Round off the average cost per unit to the nearest cent.) 1.1.1 1.1.2 FIFO Purchased/Returns in Issued/Returns out Stock on hand Date Quantity Price Value Quantity Price Value Quantity Price Value INFORMATION The following transactions of Slik Manufacturers took place during May 2021 in respect of a component required for a project: May Transaction details 01 Opening inventory 12 000 units at R10 per unit 07 Issued to production 10 000 units 09 Purchased from a supplier 8 000 units at R12 per unit 11 Issued to production 8 000 units 16 Returned to the supplier (see 09 May) 1 000 units 22 Purchased from a supplier 9 000 units at R13 per unit 30 Issued to production 8 000 units 31 Returned from production to stores 2 000 units (Purchased on 22nd, Issued on 30th) 1.2 Calculate the direct labour cost to Libra Enterprises in respect of P. Zondo for the week ended 31 July 2021 from the information provided below. INFORMATION Libra Enterprises submitted the following information for the week ended 31 July 2021 in respect of employee, P. Zondo, employed at Project K: Hours worked Sunday 4 Monday 8 Tuesday 9 Wednesday 8 Thursday 8 Friday 8 Saturday 5