REQUIRED Use the information given below to calculate the value of closing inventory and cost of sales using the

1.2.1 First-in-first-out method. (5 Marks)

1.2.2 Weighted average cost method. (Round off the weighted average cost per unit to the nearest cent.) (5 Marks)

INFORMATION Govan Limited had an opening inventory of 5 000 components at R16 each on 01 January 2020, the start of the financial year. During 2020 the following purchases of the components were made: 10 000 units at R17 each on 25 February 9 000 units at R18 each on 30 June 2 000 units at R19 each on 15 November 1 000 components that were purchased on 30 June 2020 were returned to the supplier on 02 July 2020. During the year 22 000 components were issued to production.