Question 4 a. The matrix company is planning on purchasing some items for the production of bitumen for the surfacing of road, they have provided you with the following information for your use: A summary of the information needed to complete this task is given as follows: Quantity of material purchased = 3,000 units Value of material purchased = Ghc9,000 Standard quantity of material required per tonne of output = 30 units Standard rate of material = Ghc2.50 per unit Opening stock of materials = Nil Closing stock of material = 500 units Output during the period = 80 tons Required; Determine the following variances using the information above a) Material cost variance EV (4) b) Material price variance EV (4) c) Material usage variance EV (4) a) Among all the stock valuation methods, four key methods of stock valuation are sometimes used by the organization, Fifo, Lifo, Weighted Average and Simple Average, explain how the application of each would differ using a company of your choice considering the nature of materials that form the basis of the stock in the selected company. EV (5) b) The manager of Ghana Boxes company has a lot of challenges managing its stock item in inventory, the company has decided to employ a stores manager, you have been shortlisted as an applicant suitable for the job, you have been asked by a panel member in the interview, to explain the likely challenges affecting the stores of the box production company and suggest ways through which as a potential store manager, mechanisms you would adopt to ensure inventory are managed within the standard practice.