QUESTION 1 (20 Marks) 1.1 REQUIRED Study the information given below and draw up the Production Budget for January and February 2024. (6 marks) INFORMATION The number of units of Product X expected to be sold by Questor Manufacturers and the desired closing inventory (in units) for the period 01 December 2023 to 28 February 2024 is given below: Month Sales Closing inventory December 2023 24 000 6 000 January 2024 16 000 5 400 February 2024 14 000 5 000 1.2 REQUIRED Calculate the following from the information provided below: 1.2.1 Value of closing inventory using the first-in-first-out (FIFO) method (3 marks) 1.2.2 Value of issues to production using the first-in-first-out (FIFO) method (2 marks) 1.2.3 Value of closing inventory using the weighted average cost method (4 marks) INFORMATION The following transactions of Gem Manufacturers took place during August 2022 in respect of a component used in production: Aug 01 Opening inventory 1 000 units at R20 per unit 11 Purchased from a supplier 3 000 units at R21 per unit 17 Purchased from a supplier 1 800 units at R22 per unit 18 Returned to the supplier (see 17 August) 800 units 31 Issues to production during August 3 800 units 1.3 REQUIRED Use the information given below to calculate the most economic quantity to order each time for 2023 (expressed to next whole number). (5 marks) INFORMATION Milton Wholesalers expects to sell approximately 3 600 cases of soap per month during 2023. Each case of soap costs R200. The cost of placing an order for soap is estimated to be R20. The inventory holding cost of one case of soap is 5% of the unit purchase price