QUESTION 2 (20 MARKS) Answer the questions from the information provided. 2.1 Use the information given below to calculate the value of closing inventory as at 31 May 2022 and the value of issues to production for May 2022 using the following methods of inventory valuation: 2.1.1 Weighted average cost (with the average cost per unit expressed to the nearest cent). (5 marks)

2.1.2 First-in-first-out (FIFO) (5 marks)

INFORMATION The following transactions of Mascor Manufacturers, which uses the periodic inventory system, took place during May 2022 in respect of a component used in production:

Date Transactions 01 Opening inventory 300 units @ R20 per unit 14 Purchased from a supplier 1 000 units for R22 000 18 Returned to the supplier (purchased on 14 May) 500 units 26 Purchased from a supplier 200 units @ R24 per unit 31 Issued to production during May 700 units