QUESTION ONE 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 08 15 16 17 26 Stock on hand Issued to production Purchased from supplier Issued to production 600 units @ R34 per unit 420 units 1800 units @ R35.50 per unit 700 units 120 units 800 units Returned to supplier (purchased on 15 February 2024) Issued to production Using the first-in-first-out (FIFO) method, calculate the value of closing inventory as at 28 February 2024.

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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.