1.2 REQUIRED Calculate the following from the information provided below: 1.2.1 Value of closing inventory using the first-in-first-out (FIFO) method (3 marks) 1.2.2 Value of issues to production using the first-in-first-out (FIFO) method (2 marks) 1.2.3 Value of closing inventory using the weighted average cost method (4 marks) INFORMATION The following transactions of Gem Manufacturers took place during August 2022 in respect of a component used in production: Aug 01 Opening inventory 1 000 units at R20 per unit 11 Purchased from a supplier 3 000 units at R21 per unit 17 Purchased from a supplier 1 800 units at R22 per unit 18 Returned to the supplier (see 17 August) 800 units 31 Issues to production during August