2.3 REQUIRED Use the information provided below to calculate the total value of issues to production during May 2020 and value of closing inventory as at 31 May 2020 using the: 2.3.1 First-in-first-out (FIFO) method (5 marks) 2.3.2 Weighted average cost method (with the weighted average cost per unit expressed to the nearest cent). (5 marks) INFORMATION The following transactions of Tabac Manufacturers took place during May 2020 in respect of a component used in production: May Opening inventory (including import duty) 200 units @ R20 per unit 15 Purchased from a supplier 3 800 units @ R19 per unit Import duties on purchases 3 800 units @ R2 per unit Returned to the supplier (purchased on 15 May 2020) 300 units A refund was received for the import duties. 21 Purchased from a supplier 1 300 units @ R20 per unit Import duties on purchases 1 300 units @ R2 per unit Issued to production during May 3 600 units