Question 1 (20 marks) 1. The following transactions of Fernglen Limited, a manufacturer of children's' tables and chairs took place during April 2017 APRIL 01 03 08 Stock on hand Issued to Returned from Purchased from su Issued to Returned to supplier (purchased on 17 April 201 Issued to 600 units R220 per unit 350 units 50 units 2000 units R230 per unit 800 units 200 units to stores 20 21 ion 30 800 units 1.1 Determine the value of closing inventory based on the First-in-first-out (FIFO) method (13 marks) 1.2 Ricey Wholesalers sells 8 000 bags of rice each year. The inventory holding cost of one bag of rice is R5. The cost of placing an order for stock is estimated at R160. 1.2.1 Calculate the EOQ. 1.2.2 Calculate the number of orders that should be placed per annum. (4 marks) (3 marks) Round off calculations to the nearest whole number.)