QUESTION 3 3.1 Use the transactions of Modular Industries to determine the value of the closing stock using the (15 marks) first- in- first out method. This stock consists of a component used in production of the final product. Information: November TRANSACTIONS NUMBER OF UNITS AND COST 01 Opening inventory 120 units @ R9 per unit Purchased from supplier 300 units @ R10 12 Issued to production 220 units 19 Returned to supplier 50 units (purchased on 08 November) 22 Purchased from supplier 150 units @ R12 28 Issued to production 250 units 3.2 Use the information provided below to calculate the labour turnover rate and state whether it is (4 marks) favourable/ unfavourable and give a reason for the outcome. The owner of Jozini Trading feels that his labour force is not effectively employed. The following information in respect of his employees have been provided by him for investigation. 180 registered employees were in employment for the year ended 31 August 2016. 2. 51 employees had left their jobs during the financial year for various reasons