Using the information in Question 2.3, calculate the value and quantity of closing inventory using the weighted average method.

Questions 2.3

In January there was no opening inventory of material and 1,000 tonnes were purchased as follows:

3rd January 200 tonnes at £50 per tonne 8th January 400 tonnes at £60 per tonne 17th January 400 tonnes at £70 per tonne During the same period four material requisitions were completed for 200 tonnes each on the 4th, 12th, 18th and 26th of the month. Using the information given, calculate the quantity and value of closing inventory at the end of January using the FIFO method.