$1\mathrm{.}3$

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:

$1\mathrm{.}3\mathrm{.}1$ First$-$in$-$first$-$out

$(5$ marks$)$

$1\mathrm{.}3\mathrm{.}2$ 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:

$\backslash$table$[[$Date$,$Transactions,$],[01,$Opening inventory,$800$ units @ R$20$ per unit$],[07,$Purchased from a supplier,$1400$ units @ R$22$ per unit$],[15,$Purchased from a supplier,$2700$ units @ R$24$ per unit$],[16,$Returned to the supplier $($see $15$ th March$),200$ units$],[28,$Purchased from a supplier,$300$ units @ R$25$ per unit$],[31,$Issued to production during March,$4000$ units$]]$