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MANAGEMENT ACCOUNTING SEMINAR 2EXERCISE 1M Ltd had the following material transactions during the first week in March. Quantity(units)Unit cost£Opening balance1st March102.00Receipts2nd March702.20Issues3rd March40Receipts4th March502.30Issues5th March70 Show the stores ledger card for the week using each of the following methods of material valuation:(a)FIFO(b)(c)LIFOWeighted average cost EXERCISE 2Kershaw Bookstore had 500 units on hand at January 1, costing £18 each. Purchases and Issuesduring the month of January were as follows:Date Purchases IssuesJan. 14 37517 250 @ £2025 250 @ £2229 250According to a physical count, 375 units were on hand at January 31.Calculate the cost of the inventory at January 31, under the FIFO method

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