2.1 REQUIRED Use the information given below to calculate the net value of issues to production for May 2023 and value of closing inventory as at 31 May 2023 using the following methods of inventory valuation:

2.1.1 First-in-first-out (5 marks)

2.1.2 Last-in-first-out (5 marks)

2.1.3 Weighted average cost. (Express the average cost per unit in rands and cents.) (5 marks)

INFORMATION The following information for May 2023 was extracted from the records of Kens Limited, a manufacturing company, for a component used in production: Date Transaction details

Opening inventory: 01 3 000 units at R17 each

Purchased from a supplier: 03 46 000 units at R18 each 16 37 000 units at R19 each 23 15 000 units at R20 each

Returned to the supplier: 04 1 000 damaged units (purchased 03 May)

Transferred to the production department: 80 000 units during May 2023

2.2 REQUIRED Use the information given below to calculate the quantity that will minimise the total ordering and storage costs during 2024. (5 marks)

INFORMATION Kip Enterprises intends purchasing 2 000 units of product Yogo per week during 2024 at R52 per unit. The following additional costs are incurred: Ordering cost R25 per order Stockholding cost 10% of the unit purchase pric