John’s usual supplier was unable to supply the timber that John wanted on 4 July and he decided to buy it at a higher price from another timber merchant.

However, his regular supplier was able to meet his next order on 6 July. Using the following information, calculate the quantity and value of timber issued to production during the first week and the quantity and value of closing inventory at 7 July using the FIFO and CWA cost methods.

1 July 2 July 3 July 4 July 5 July 6 July 7 July Received 50 units at £3.00 per unit Received 50 units at £4.00 per unit Issued 50 units to production Received 10 units at £5.00 per unit Issued 40 units to production Received 40 units at £4.00 per unit Issued 30 units to production