QUESTION 2 2.1 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: 2.1.1 First-in-first-out (5 marks) 2.1.2 Last-in-first-out (5 marks) 2.1.3 Weighted average cost. (Express the average cost per unit in rands and cents.) (5 marks) INFORMATION 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: 46 000 units at R18 each 03 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