FIFO costing LO₃ Using first-in, first-out, perpetual inventory costing, and the following information, determine the cost of materials used and the cost of the May 3 I inventory:

May I Balance on hand, 1,000 yds. (linen, $4 each).

3 Issued 250 yds.

5 Received 500 yds. at $4.50 each.

6 Issued 150 yds.

10 Issued I 10 yds.

11 Factory returned 10 yds. to the storeroom that were issued on the 1 0th.

15 Received 500 yds. at $5.00 each.

20 Returned 300 yds. to vendor from May 15 purchase.

26 Issued 600 yds.