information: The following transactions of Heron Ltd took place during January 2022 in respect of component X used in production:

Required:

Calculate the value of closing inventory on 31 January 2022 using the:

2.1.1 First-in-first-out (FIFO) method (10 marks)

2.1.2 Weighted Average Cost Method (10 marks)

\begin{tabular}{|l|l|l|} \hline Jah & & \\ 01 & Stock of component X on hand & 150 units @ R24 per \\ 08 & Issued to production & 110 units \\ 12 & Purchased from supplier & 200 units @ R25 per \\ 15 & Returned to supplier (purchased on 12 January unit \\ 18 & 2022) & 30 units \\ 25 & Issued to production & 170 units \\ 27 & Purchased from supplier & 140 units @ R26 per \\ & Issued to production & 130 units \\ \hline \end{tabular}