QUESTION 2

2.1 REQUIRED 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

2.1.2 Last-in-first-out

2.1.3 Weighted average cost. (Express the average cost per unit in rands and cents.)

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 Opening inventory: 01 3 000 units at R17 each Purchased from a supplier: 03 46 000 units at R18 each 16 37 000 units at R19