2.2 Calculate the value of closing inventory on 31 January 2023 using the: The following transactions of Mia Limited took place during January 2023 in respect of a component XYZ used in production:

Jan

01 Stock of component XYZ on hand 300 units @ R48 per unit

08 Issued to production 220 units

12 Purchased from supplier 400 units

15 Returned to supplier (purchased on 12 January 2022) 60 units

18 Issued to production 340 units

25 Purchased from supplier 280 units units @ R50 per unit

27 Issued to production 260 units

2.2.1 First-in-first-out (FIFO) method (10 marks)

2.2.2 Weighted Average Cost Method