W 3 Question 5 ABC's Furniture Store management is not sure as to which method of inventory valuation they should use for their raw materials. Their records currently show that they have 50 units worth N$600 at hand. The following information available: Receipts: 01 Mar 250 units @ N$ 15.00 per unit 02 Mar 105 units @ N$ 15.60 per unit 04 Mar 130 units @ N$ 16.80 per unit 05 Mar 110 units @ N$ 17.40 per unit 10 Mar 150 units for N$ 24 000 Sales: 03 Mar 06 Mar 09 Mar 12 Mar Returns to supplier: 07 Mar Return to Stores: 11 Mar 190 units 178 units 95 units 140 units 20 units (units received on 05 Mar) 50 units (units issued on 09 Mar) Required: 5.1 Which method of inventory valuation would be most likely appropriate for this business and why? (1 Marks) 5.2 Prepare the stores ledger card and find the value of closing inventory at the end of Aug using the FIFO method? (10 marks) 5.3 Prepare the stores ledger card and find the value of closing inventory at the end of Aug using the Weighted Average method? (10 marks) W 3 Question 5 ABC's Furniture Store management is not sure as to which method of inventory valuation they should use for their raw materials. Their records currently show that they have 50 units worth N$600 at hand. The following information available: Receipts: 01 Mar 250 units @ N$ 15.00 per unit 02 Mar 105 units @ N$ 15.60 per unit 04 Mar 130 units @ N$ 16.80 per unit 05 Mar 110 units @ N$ 17.40 per unit 10 Mar 150 units for N$ 24 000 Sales: 03 Mar 06 Mar 09 Mar 12 Mar Returns to supplier: 07 Mar Return to Stores: 11 Mar 190 units 178 units 95 units 140 units 20 units (units received on 05 Mar) 50 units (units issued on 09 Mar) Required: 5.1 Which method of inventory valuation would be most likely appropriate for this business and why? (1 Marks) 5.2 Prepare the stores ledger card and find the value of closing inventory at the end of Aug using the FIFO method? (10 marks) 5.3 Prepare the stores ledger card and find the value of closing inventory at the end of Aug using the Weighted Average method? (10 marks)