Question on the accounting side of FIFO and WAC

With the current information please complete the table below for the transactions that have been provided using the following methods of inventory valuation:

1.1.1 Weighted average cost

1.1.2 FIFO

please use this table for both answers

Attached information

The following info has been extracted from records of Venus limited, which is a manufacturing business, for an inventory item that is named workout plus used in Project Y for March 2017:

1.2

Shamo ltd is currently using the standard costing system. The current standards for Product Y as follow:

Answer required

1.2.1. Calculate quality variance of the material

1.2.2. Calculate the variable manufacturing overhead efficiency variance

1.2.3. Fixed manufacturing overhead volume variance.

Purchases Issues/Returns to supplier Balance Quantity Price Amount Quantity Price Amount Date Quantity Price Amount March 01 07 09 Transaction details 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. 10 16 22 30 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