2.2 REQUIRED Calculate the following from the information provided below: 2.2.1 Value of the closing inventory and issues to production using the first-in-first-out (FIFO) method. 2.2.2 Value of the closing inventory using the weighted average cost method. (Express the average cost per unit to the nearest cent.) INFORMATION The following transactions of Global Manufacturers took place during March 2023 in respect of a component used in production: Date 01 11 12 17 31 Opening inventory Purchased from Supplier A Returned to Supplier A (see 11March) Purchased from Supplier B Issued to production during March Transactions 600 units @ R12 per unit 3 400 units at R13 per unit 400 units 1 400 units at R14 per unit 3 500 units

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.