Kind Gestures Company is a leading producer of Akohia Soap in the Eastern Region of Ghana. The following information relate to a component part used in manufacturing Akohia Soap for the period ended 31st August, 2020.

Stock on hand at January 1, 2020 Purchases made during the period; January

March

May

July

Issues made during the period; February

April

June

August

Required;

Units Total Cost (GH) 2,000 100,000

4,000 200,000 3,000 180,000 8,000 640,000 2,000 100,000

5,000 1,000 1,800 2,500

a. Using the Last-in-first-out method, prepare the Store Ledger Account for the period ended 31st August, 2020. (11 marks)

b. One of the key methods of inventory control in modern times is the just-in-time system, list and explain 3 benefits of this system to a manufacturing company in Ghana. (6 marks) c. Explain three (3) importance of Job Costing.