CHAPTER 12 CONTROLLING AND COSTING MATERIALS 341 5. Ledger accounts for materials cost flow. During one week of operations, a materials ledger card reflected the following transactions: 1st day Beginning balance: 1,400 pounds @ $4.60 per lb. 2d Received 1,000 pounds @ $4.80 per lb. 3d Issued 800 pounds. Issued 800 pounds. 5th Received 1,200 pounds @ $5.00 per Ib. 6th Issued 800 pounds. Other costs for the week were direct labor, 54,800, and factory overhead, S4,360: 1,700 units of product were completed, and 1,500 were sold. There was no beginning inventory of finished goods, and no work was in process over the weekend. Required: (1) Ledger accounts for Materials, Work in Process, Finished Goods, and cost of Goods Sold, using (a) fito costing and (b) lito costing. A perpetual inventory system is used. (Round off unit costs to three decimal places.) (2) The final inventory by the lifo costing method it inventory is taken at the end of the week and day-to-day issues are ignored