15.3* The following information relates to material ST 2:

Units Unit price Value

£ £

1.2.07 Opening stock 500 1.00 500 10.2.07 Receipts 200 1.10 220 12.2.07 Receipts 100 1.12 112 17.2.07 Issues 400 – –

25.2.07 Receipts 300 1.15 345 27.2.07 Issues 250 – –

Required:

Calculate the value of closing stock at 28 February 2007 assuming that the continuous weighted average method of pricing materials to production has been adopted.