You have recently been appointed as the cost manager at Bolts. Bolts buys and sells a standard type of Cool Juice.

The details for the year ended 31 December 2022 are as follow: 1 January 2022

Opening inventory of 1 404 Cool Juice at R93.60 each. 30 September 2022

Purchased 468 Cool Juice at R150 each. 30 November 2022

Purchased 585 Cool Juice at R 144 each.

During the financial year ended 31 December 2022, 600 Cool Juice were sold at R140.40 each.

Question:

1. Calculate the value of the closing stock using the FIFO method. (6 Marks)