On January Mr G started a small business buying and selling a special yarn. He invested £40,000 in the business and, during the next six months, the following transactions occurred.

January 13th received 200 boxes @7200

February 8 received 400 boxes @15200

February 10 issues 500 boxes @ 25000

March 11, 600 boxes @24000

12 April received 400 boxes @ 14000

20th April issues 600 boxes@ 27000

15th June received 500 boxes @ 14000

25th  June issues 400 boxes @ 15200

The yarn is stored in premises Mr G has rented and the closing stock of yarn, counted on 30 June ,was 500 boxes. Other expenses incurred and paid in cash, during the six months amounted to £2,300


Calculate the value of the material issues during the six months period and the value of closing stock using FIFO