Chicago Clay, Inc. makes the following purchases and issues of a new material during March: March 2 Received 200 lbs. @ $9; total cost, $1,800. 8 Received 60 lbs. @ $10; total cost, $600. 18 Issued 100 lbs. 24 31 Received 240 lbs. @ $12; total cost, $2,880. Issued 200 lbs. Instructions: Using a perpetual inventory system and the materials ledger cards provided, state the cost of materials consumed and the cost assigned to the inventory at the end of March. + a. First-in, first-out costing Received Issued Balance Date Quantity Unit Price Amount Quantity Unit Price Unit Amount Quantity Amount Price 3/2 200 lbs $9 $1,800 200 $9 $1,800 3/8 60 lbs $10 $600 260 $9 $2,400 3/18 100 lbs $9 360 3/24 340 lbs $12 $2,880 3/31 200 lbs Cost of materials consumed. Cost assigned to inventory