S. Poynter PLC, an engineering company constructing special purpose equipment to customer specification, employs a system of job costing to determine the actual cost of products manufactured.

Shown below is the incomplete stores account, for Month 11, of one component used in the construction of the equipment.

STORES ACCOUNT -COMPONENT XYZ Date Quantity Price Value Date Quantity Price Value 1 Nov x1 Units $ $ 1 Nov x1 Units $ $

Opening stock 35 2.00 70 Job 123 25 5 Nov x1 10 Nov x1 Creditors 40 2.25 90 Job 147 38 13 Nov x1 24 Nov x1 Creditors 30 2.50 75 Job 151 48 23 Nov x1 30 Nov x 1 Creditors 50 2.80 140 Closing stock 44 155 375 155 Ten of the components issued on 24 November to Job 151 were to replace a unit which had been previously issued to that job, but had been damaged and scrapped as a result of incorrect installation.

REQUIRED

(a) Calculate the value ofthe closing stock of component XVZ using the following methods of pricing material issues:

(i) FIFO

(ii) LIFO

(b) Using the weighted average method of pricing, calculate the values of the components issued on 24 November.