Miramax bookshop buys and sells textbooks and other stationery. The company uses a perpetual inventory system. You have been provided with the following information for May 2016: Date Description MAY 1st Opening balance was 2 000 textbooks with a total value of R300 000 6th Issued 800 textbooks 10th Purchased 1 000 textbooks @ R160 each 14th Issued 900 textbooks 16th Returned 100 textbooks purchased on the 10th of May to the supplier 19th Customers returned 150 textbooks issued on the 14th of May 20th 1000 textbooks were ordered @ R170 each 22nd Issued 1 000 textbooks 26th Received the textbooks ordered on the 20th 31st Stocktaking Required: Calculate the value of closing inventory for May 2016 for Miramax bookshop using the weighted average method of inventory valuation.

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