2.2 Study the information provided below and calculate the expected value of closing inventory as at 31 December 2022, if the FIFO method of inventory valuation is used.(4 marks)

INFORMATION

The following information was supplied by Sunbeam Manufacturers for 2022 in respect of its finished goods:

R

Inventory on 01 January 640 000

Cost of production of finished goods manufactured 570 000

Cost of goods sold 435 000

Sales value of the goods sold 675 000