QUESTION FOUR (20 Marks) 4.1 REQUIRED Complete the table below for the transactions provided using the following methods of inventory valuation: 4.1.1 Weighted average cost (7 marks) 4.1.2 FIFO (6 marks) Purchases Balance Issues/Returns to supplier Quantity Price Amount Date Quantity Price Amount Quantity Price Amount INFORMATION The following information was extracted from the records of Planet Limited, a manufacturing company, for an inventory item called Fitness Plus used in Project A for March 2021: March Transaction details 01 07 09 10 Opening inventory: 6 000 units @ R40 each Invoice received for 144 000 units @ R44 each. Transferred 105 000 units to the production department. Returned 15 000 damaged units (purchased 07 March) to the supplier. Invoice received for 30 000 units at R48 each. Transferred 45 000 units to production. Invoice received for 15 000 units @ R52 each. 16 22 30 4.2 Popi Limited uses the standard costing system. The standards for Product A are as follows: Material 8 kilograms at R5.30 per kilogram Labour 8 hours at R100 per hour Variable overheads R40 per labour hour Fixed overheads R50 000 Normal production 29 000 units per month Actual information for the month May 2021 is: Material 182 000 kilograms at R6.20 per kilogram Labour 198 000 hours at R73 per hour Variable overheads R35 per labour hour Fixed overheads R31 200 Production 25 000 units (2 marks) Required 4.2.1 Calculate the material quantity variance. 4.22 Calculate the variable manufacturing overhead efficiency variance. 4.2.3 Fixed manufacturing overhead volume variance. (2 marks)