Instructions: All answers must be typed in and working must be shown.

QUESTION 2 MANUFACTURING COSTS 2.1 Inventory valuation Jacob Limited are manufacturers of furniture. The following information related to office desks for July 2020: Date Details 01 Opening inventory 07 Manufacture 13 Manufacture 21 Manufacture 29 Manufacture 31 Sales to customers Units 5 25 30 20 10 70 Cost per units R20 R25 R30 R35 R40 Required: Calculate the value of closing inventory from the above information, using the following inventory valuation techniques: 2.1.1 Weighted average cost 2.1.2 First in first out 2.2 Taylors differential piecework system The following information was supplied by Rainbow Manufacturers: Standard output Higher piece rate Lower piece rate Jims output 400 units per day R2.40 per unit R1.60 per unit 360 units Brims output 460 units Required: Calculate and explain the wages payable to Jim and Brim using Taylor's differential piecework system