15.4 You are presented with the following information for Trusty Limited:

2008 Purchases Unit cost Issues to production

(units) £ (units)

1 January 2000 10 31 January 1600 1 February 2400 11 28 February 2600 1 March 1600 12 31 March 1000 Note: There was no opening stock.

Required:

Calculate the value of closing stock at 31 March 2008 using each of the following methods of pricing the issue of materials to production:

1 FIFO (first-in, first-out); and 2 continuous weighted average.