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Question 2 (3 marks) Answer the questions from the information provided. 2.1 Use the information provided below to calculate the following 2.1.1 Net value of issues to the production department for May 2021 using the first-First-out (FIFO) method. 2.1.2 Value of closing inventory as at 31 May 2021 using the weighted average cost method Round off the weighted average cost per unit to the nearest cent) 2.1.3 Net value of issues to the production department for May 2021 using the lasta-first-out (LIFO) (4 marks) (3 marks) method INFORMATION The following information was extracted from the records of Candy Limited, a manufacturing company for an inventory item Date Transaction details for May 2021 Opening inventory consisted of 1000 units @ R10 each 01 05 09 An invoice was received for 19 000 units purchased @ R11 each Retumed 3 000 damaged units purchased 05 May to the supper An invoice was received for 8 000 units purchased at R12 each. issues to the production department for May totaled 16 000 units 21 31 2.2 (5 marks) Use the information provided below to calculate the annual Economic Order Quantity (EC) INFORMATION The monthly sales of an item are 800 units. The selling price is R3 per unit and the tems are sold at cost plus 50% The ordering cost amounts to R25 per order and the holding cost is equal to 20% of the unit cost of the item 2.3 Use the information provided below to calculate the cost (as a percentage: expressed to two 15 marks) decimal places) to Ethekwini Traders of not accepting the discount INFORMATION Bruce Wholesalers sold goods on credit to Ethekwini Traders for R3 000. The usual credit terms to Ethekwini Traders are 30 days but the supplier is prepared to allow a rebate of R105 the account is settled within 12 days