The following transactions of Gem Manufacturers took place during August 2022 in respect of a component used in production: Aug 01 Opening inventory 11 17 18 31 Purchased from a supplier Purchased from a supplier Returned to the supplier (see 17 August) Issues to production during August 1 000 units at R20 per unit 3 000 units at R21 per unit 1 800 units at R22 per unit 800 units 3 800 units
The following transactions of Gem Manufacturers took place during August 2022 in respect of a component used in production: Aug 01 Opening inventory 11 17 18 31 Purchased from a supplier Purchased from a supplier Returned to the supplier (see 17 August) Issues to production during August 1 000 units at R20 per unit 3 000 units at R21 per unit 1 800 units at R22 per unit 800 units 3 800 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please assist with the Value of closing inventory using the first-in-first-out (FIFO) method
1. Value of issues to production using the first-in-first-out (FIFO) method
2. Value of closing inventory using the weighted average cost method
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