Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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: 03 46 000 units at R18 each 16 37 000 units at R19 each 23 15 000 units at R20 each 2.2 04 Returned to the supplier: 1 000 damaged units (purchased 03 May) Transferred to the production department: 80 000 units during May 2023
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started