1.3. INVENTORY METHODS The following information has been extracted from the accounting records of

FURNITURE MART in respect of basic fridge unit stocks for June 2017.

Date JUNE	Details	No. of Units	Cost per unit	Total R
01	Opening inventory	5	R 1 400	7 000
07	Purchase from supplier	7	R 1 400
16	Purchase from supplier	4	R 1 500
25	Purchase from supplier	2	R 1 600
30	Sales for the month	15	---------

m

Required:

1. 1.3.1 Calculate the number of units in the closing inventory.

2. 1.3.2 Calculate the value of the closing inventory using the FIFO METHOD

3. 1.3.3 Calculate the value of the closing inventory using the WEIGHTED AVERAGE METHOD.

(1 mark)

(2 marks) (3 marks)