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1 . 3 REQUIRED Use the information given below to calculate the value of closing inventory as at 3 1 March 2 0 2 4

1.3
REQUIRED
Use the information given below to calculate the value of closing inventory as at 31 March 2024 and the value of issues during March 2024 using the following methods of inventory valuation:
1.3.1 First-in-first-out
(5 marks)
1.3.2 Weighted average cost. (Express the average cost per unit in Rands and cents.)
(5 marks)
INFORMATION
The following transactions of Seatides Manufacturers took place during March 2024 in respect of a component used in production:
\table[[Date,Transactions,],[01,Opening inventory,800 units @ R20 per unit],[07,Purchased from a supplier,1400 units @ R22 per unit],[15,Purchased from a supplier,2700 units @ R24 per unit],[16,Returned to the supplier (see 15 March),200 units],[28,Purchased from a supplier,300 units @ R25 per unit],[31,Issued to production during March,4000 units]]
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