QUESTION 2 21 REQUIRED (20 MARKS) Use the information given below to calculate the net value of issues to production for May 2023 and value of closing inventory as at 31 May 2023 using the following methods of inventory valuation 21.1 First-in-first-out (5 marks) 212 Last-in-first-out (5 marks) 213 Weighted average cost. (Express the average cost per unit in rands and cents.) INFORMATION (5 marks) The following information for May 2023 was extracted from the records of Kens Limited, a manufacturing company, for a component used in production Date Transaction details 01 Opening inventory: 3 000 units at R17 each Purchased from a supplier 03 46 000 units at R18 each 16 37 000 units at R19 each 23 15 000 units at R20 each Returned to the supplier 04 1000 damaged units (purchased 03 May) Transferred to the production department 80 000 units during May 2023 22 REQUIRED Use the information given below to calculate the quantity that will minimise the total ordening and storage costs during 2024 INFORMATION (5 marks) Kip Enterprises intends purchasing 2 000 units of product Yogo per week during 2024 at R52 per unit. The following additional costs are incurred Ordering cost R25 per order Stockholding cost 10% of the unit purchase price