QUESTION ONE

$(10$ Marks$)$

The following transactions of Berain Manufacturers, that uses the perpetual inventory system, took place during February $2024$ in respect of a part used in production:

$\backslash$table$[[$Feb$,,],[01,$Stock on hand,$600$ units @ R$34$ per unit$],[08,$Issued to production,$420$ units$],[15,$Purchased from supplier,$1800$ units @ R$35\mathrm{.}50$ per unit$],[16,$Issued to production,$700$ units$],[17,$Returned to supplier $($purchased on $15$ February $2024),120$ units$],[26,$Issued to production,$800$ units$]]$

Using the first$-$in$-$first$-$out $($FIFO$)$ method, calculate the value of closing inventory as at $28$ February $2024.$ Use the $10$ column table to answer the auestion. Show workings.