In order to produce this single product, Capital Joinery Ltd. uses two raw materials wood and glass of which wood is an expensive item of material and the firm is interested in the cost variances of this raw material. The information pertaining to budgeted and actual costs of the raw material (metal) is given below and you are required to show the calculation of material variances. Table 1: Budgeted and actual cost of wood used in producing Product A Budgeted material cost per unit of the product 2kg at 12/kg Actual output 1000 units Actual material purchased and used 2400kg Actual material cost 22,400 During the month of May, the following purchases and issues of the raw material (glass) were made and the store assistant wishes to know the closing value of the raw material inventory at the end of the month. He provides you with the following information relating to the purchases and issues during the month. You are required to show the inventory ledger record for the month of May using the LIFO and Average Cost methods of inventory accounting. Table 2: Purchases and issues of raw material (glass) during the month of June June 1 Opening Inventory of 10 units @35 each June 9 Bought 15 units @ 38 each June 15 Issued 12 units June 20 Bought 10 units @32 each June 23 Issued 10 units June 27 Issued 3 units June 30 Issued 2 units The financial report produced must accurately apply and interpret data for a range of business activities in Capital Joinery Ltd.