Classic Suit Company manufactures suits. The company uses subsidiary ledgers to keep cost records for materials, work in process, and finished goods. Classic uses the first-in, first-out inventory method. Directions: 1. Open a materials ledger card for 415B wool material. The wool material is Account No. 45. The reorder quantity is set at 3,000 yards of material, with a minimum at 200 yards. The inventory location is Sec. 4R. Record the beginning balance on September 1 of the current year of 450 yards of 415B wool material at a unit price of $11.00 per yard. 2. Record the following transactions. Sept. 1. Ordered 3,000 yards of 415B wool material. Purchase Order No. 412. 7. Issued 300 yards of 415B wool material. Materials Requisition No. 478. 13. Received 3,000 yards of 415B wool material; unit cost $11.00. Purchase Order No. 412. 22. Issued 400 yards of 415B wool material. Materials Requisition No. 483. 3. Open a cost sheet for Job No. 310 for 300 CCL2 suits for stock on September 2 of the current year. The job is to be completed by September 7. 4. Record the following transactions in the cost sheet. Sept. 2. 2. 3. Direct materials, $6,080.00. Materials Requisition No. 425. Direct labor, $2,200.00. Daily summary of job-time records. Direct labor, $3,704.00. Daily summary of job-time records. 5. Direct materials, $2,352.00. Materials Requisition No. 445. 6. Direct labor, $2,480.00. Daily summary of job-time records. 5. Complete the cost sheet for this job completed on September 6, recording factory overhead at the rate of 60% of direct labor cost. 6. Open a finished goods ledger card for Stock No. CCL2 suit. The minimum quantity is set at 200. Inventory location is Sec. 7FG. Record the beginning balance of September 1 of the current year of 300 suits at a unit cost of $72.60. 7. Record the cost of the 300 CCL2 suits on the finished goods ledger card for Job. No. 310 completed on September 6. 8. Record the September 8 sale of 400 CCL2 suits on the finished goods ledger card. Sales Invoice No. 491.