The following transactions of Berain Manufacturers, that uses the perpetual inventory system, took place during...
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Accounting
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 Stock on hand 600 units @ R34 per unit 08 Issued to production 420 units 15 Purchased from supplier 1800 units @ R35.50 per unit 16 Issued to production 700 units 17 Returned to supplier (purchased on 15 February 2024) 120 units 26 Issued to production 800 units Using the first-in-first-out (FIFO) method, calculate the value of closing inventory as at 28 February 2024
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