48 Cunit TEST 3 QUESTION 1 At the beginning of a March 1, 880 kg of Material X were in the inventory at a cost of $7,920. Purchases and issues of the material for the month were as follows: Date Purchases (kg) Issues (kg) Purchase cost ($) 300 @ $6 400 6 600 10 400 @ $8 15 500 @ $5 22 900 27 200 @ $2 28 100 900 @ $3 700 30 31 The company uses the First-in-first-out method for pricing issues of materials from inventory. REQUIRED Prepare the stores ledger record also using the First-in-first-out method for pricing issues of materials from inventory.