Gates Limited manufactures is a manufacturer of wooden furniture. The following transactions regarding the wood (ie...

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Gates Limited manufactures is a manufacturer of wooden furniture. The following transactions regarding the wood (ie Direct material component) that is used to make the funiture is available for the month of April 2018. 1 April 6 April 12 April 15 April 16 April 23 April 28 April REQUIRED Opening balance - 300m of wood @ R8 per meter Purchase 500m of wood on cash from ABC suppliers 200 R7.50 per metre Issued 380m of wood to production. Factory returns 20m of the wood issued on 12 April. Purchased 350m at a total cost of R3000 from XYZ suppliers on cash Issued 700m from the store to production Returned 80m from the wood that was purchased on 16 April PLEASE USE THE ATTACHED INVENTORY LEDGER CARD FOR THE ANSWERS OF QUESTION a) AND c). TEAR OFF THE INVENTORY LEDGER CARD FROM YOUR QUESTION PAPER AND PLACE IT IN YOUR ANSWER BOOK WHEN HANDING IN. IT IS YOUR RESPONSIBILITY TO MAKE SURE THAT THE ATTACHMENT IS IN YOUR ANSWER BOOK WHEN HANDING IN. a) Calculate the closing inventory using the FIFO method. (hint: Draw up an inventory card) (10) b) Draw up a Raw material control account in the ledger under FIFO. (8) c) What would be the closing value of inventory on 16th April under the Weighted Average method? (6) Gates Limited manufactures is a manufacturer of wooden furniture. The following transactions regarding the wood (ie Direct material component) that is used to make the funiture is available for the month of April 2018. 1 April 6 April 12 April 15 April 16 April 23 April 28 April REQUIRED Opening balance - 300m of wood @ R8 per meter Purchase 500m of wood on cash from ABC suppliers 200 R7.50 per metre Issued 380m of wood to production. Factory returns 20m of the wood issued on 12 April. Purchased 350m at a total cost of R3000 from XYZ suppliers on cash Issued 700m from the store to production Returned 80m from the wood that was purchased on 16 April PLEASE USE THE ATTACHED INVENTORY LEDGER CARD FOR THE ANSWERS OF QUESTION a) AND c). TEAR OFF THE INVENTORY LEDGER CARD FROM YOUR QUESTION PAPER AND PLACE IT IN YOUR ANSWER BOOK WHEN HANDING IN. IT IS YOUR RESPONSIBILITY TO MAKE SURE THAT THE ATTACHMENT IS IN YOUR ANSWER BOOK WHEN HANDING IN. a) Calculate the closing inventory using the FIFO method. (hint: Draw up an inventory card) (10) b) Draw up a Raw material control account in the ledger under FIFO. (8) c) What would be the closing value of inventory on 16th April under the Weighted Average method? (6)