INFORMATION

The following information was extracted from the records of Planet Limited, a manufacturing company, for an inventory item called Fitness Plus used in Project A for March 2021:

March 01 - Opening inventory: 6 000 units @ R40 each.

07 - Invoice received for 144 000 units @ R44 each.

09 - Transferred 105 000 units to the production department.

10 - Returned 15 000 damaged units (purchased 07 March) to the supplier.

16 - Invoice received for 30 000 units at R48 each.

22 - Transferred 45 000 units to production.

30 - Invoice received for 15 000 units @ R52 each.

REQUIRED Complete the table below for the transactions provided using the following methods of inventory valuation:

4.1.1 Weighted average cost (7 marks)

4.1.2 FIFO (6 marks)

	Purchases			Issues/Return to supplier			Balance
Date	Quantity	Price	Amount	Quantity	Price	Amount	Quantity	Price	Amount