Question 2 Answer the questions from the information provided.

2.1 Use the information provided below to calculate the following: Net value of issues to the production department for May 2021 using the first-in-first-out (FIFO) method.

2.1.1 (3 marks) Value of closing inventory as at 31 May 2021 using the weighted average cost method. (Round off the weighted average cost per unit to the nearest cent.)

2.1.2 (4 marks) Net value of issues to the production department for May 2021 using the last-in-first-out (LIFO) method. (3 marks)

INFORMATION The following information was extracted from the records of Candy Limited, a manufacturing company, for an inventory item:

Date Transaction details for May 2021 01 Opening inventory consisted of 1 000 units @ R10 each.

05 An invoice was received for 19 000 units purchased @ R11 each.

09 Returned 3 000 damaged units (purchased 05 May) to the supplier.

21 An invoice was received for 8 000 units purchased at R12 each.

31 Issues to the production department for May totalled 16 000 units.