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: Feb 01 Stock on hand 600 units @R34 per unit 08 Issued to production 420 units 15 Purchased from supplier 1800 units @R35.50 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.