QUESTION THREE $(10$ MARKS$)$

The following data relates to various methods of inventory valuation

$\backslash$table$[[$Item X March $2006($purchases$),$units,price$/$unit$,$Total $($R$)],[1$ March $06,100,1,],[8$ March $06,300,1\mathrm{.}1,],[15$ March $06,200,1\mathrm{.}2,],[22$ March $06,300,1\mathrm{.}3,],[29$ March $06,100,1\mathrm{.}4,],[$Total$,,,]]$

Sales as follows:

$300$ units on $16$ March $06$

$300$ units on $31$ March $06$

Units On hand $400$ units on $31$ March $06$

REQUIRED:

Calculate inventory on hand using FIFO method $(5$ marks$)$

Calculate the inventory on hand using the weight average cost method. $(5$ marks$)$

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