2 . 1 REQUIRED Use the information given below to calculate the net value of issues to...
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Question:
REQUIRED
Use the information given below to calculate the net value of issues to production for May and value of
closing inventory as at May using the following methods of inventory valuation:
Firstinfirstout marks
Lastinfirstout marks
Weighted average cost. Express the average cost per unit in rands and cents. marks
INFORMATION
The following information for May was extracted from the records of Kens Limited, a manufacturing
company, for a component used in production:
Date Transaction details
Opening inventory:
units at R each
Purchased from a supplier:
units at R each
units at R each
units at R each
Returned to the supplier:
damaged units purchased May
Transferred to the production department:
units during May
Posted Date: