ILLUSTRATION 15.2 (FIFOILIFO/Weighted Average Method) You are presented with the following information by Um Engineering Company related to the first week of December, 2018 The transactions in connection with the materials are as follows: Days Receipts Issues Units Rate per unit (Units) 1st 40 15.00 2nd 20 16-50 3rd 30 4th 50 17.10 5th 20 6th 40 Calculate the cost of materials issued under () FIFO Method; (ii) LIFO Method; and (iii) Weighted Average Method of issue of materials and value of closing stock under the methods aforesaid. | |