REQUIRED Calculate the following from the information provided below: 1.2.1 Value of closing inventory using the first-in-first-out (FIFO) method (3 marks) 1.2.2 Value of issues to production using the first-in-first-out (FIFO) method (2 marks) 1.2.3 Value of closing inventory using the weighted average cost method 4 marks)

INFORMATION

The following transactions of Gem Manufacturers took place during August 2022 in respect of a component used in production:

Aug 01 Opening inventory 1 000 units at R20 per unit

11 Purchased from a supplier 3 000 units at R21 per unit

17 Purchased from a supplier 1 800 units at R22 per unit

18 Returned to the supplier (see 17 August) 800 units

31 Issues to production during August 3 800 units