Answer the questions from the information provided. 2.1 Use the information given below to calculate the value of closing inventory as at 31 May 2022 and the value of issues to production for May 2022 using the following methods of inventory valuation: 2.1.1 Weighted average cost (with the average cost per unit expressed to the nearest cent). (5 marks) 2.1.2 First-in-first-out (FIFO) (5 marks) INFORMATION The following transactions of Mascor Manufacturers, which uses the periodic inventory system, took place during May 2022 in respect of a component used in production: 2.2 Use the information provided below to prepare the Pro Forma Statement of Financial Position as at 31 December 2022. (10 marks) INFORMATION A financial manager at Ascot Ltd has gathered the following financial data needed to prepare the Pro Forma Statement of Financial Position as at 31 December 2022, the end of the financial year: - Sales for 2022 is estimated to be R6 000 000. Sales for 2021 amounted to R4 000000. [The business maintains a cash balance of R160 000 . - Inventories, Accounts receivable and Accounts payable will be maintained at the same percentage of sales as for 2021. - A new vehicle and equipment with a combined cost price of R2 000000 will be purchased during 2022. An old vehicle with a cost price of R200 000 and accumulated depreciation of R150 000 is expected to be sold at carrying value on 31 December 2022. Total depreciation for 2022 is expected to amount to R800 000 . - 40000 ordinary shares will be offered for sale during August 2022 at R4 per share. - The business predicts a net profit margin of 10%. - The directors are expected to propose a final dividend of R400 000, payable during 2023. - An amount of R320 000 is expected to be paid to Sabre Bank, the non-current lender, during 2022. This amount includes interest on loan of R120000. - The amount of non-current external funding required must be calculated. \begin{tabular}{|l|r|} \hline Ascot Ltd & \multicolumn{2}{|l|}{R} \\ \hline Statement of Financial Position as at 31 December 2021 & \\ \hline & 3200000 \\ \hline ASSETS & 3200000 \\ \hline Non-current assets & 2540000 \\ \hline Fixed/Tangible assets & 1600000 \\ \hline Current assets & \\ \hline Inventories & \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Accounts receivable & 800000 \\ \hline Cash and cash equivalents & 140000 \\ \hline Total assets & 5740000 \\ \hline & \\ \hline EQUITY AND LIABILITIES & 2000000 \\ \hline Equity & 1100000 \\ \hline Ordinary share capital & 900000 \\ \hline Retained earnings & 1000000 \\ \hline Non-current liabilities & 1000000 \\ \hline Long-term loan: Sabre Bank & 2740000 \\ \hline Current liabilities & 2740000 \\ \hline Accounts payable & 5740000 \\ \hline Total equity and liabilities & \\ \hline \end{tabular}