A manufacturing organisation has imported four types of materials. The invoice reveals the following data: Material Quantity (Kgs) Rate per Kg N$ 150 125 200 A B C D 1 000 2 000 1 500 3 000 100 Additional information 1. Customs duty charged on arrival at Hosea Kutako Airport cargo section was 25% of invoice value. 2. Old Mutual undertook to insure the materials, insurance charges are 2% of invoice value 3. Freight and Clearing N$30 000, the cost allocated to the each materials is based on the weight 4. 60% and 80% of the purchased materials and respectively, are issued to production centres. Material was issued to BB while C was issued to CC. 5. 100 kg of material D was requisitioned by maintenance department of the factory. 6. While determining the value of closing inventory 5% allowance is provided to cover up storage loss. 7. The maintenance department returned N$ 175 worth of materials to the main stores. MARKS 23 REQUIRED: 3.1 Determine the value of closing inventory of each type of materials. Hint: Your answer should be presented in tabular format. Record the journal entries relating to the materials issues. Narrations not 3.2 required TOTAL MARKS FOR QUESTION 3 3.5 26.5 END