E2-7 FIFO costing Using first-in, first-out perpetual inventory costing and the follow- ing information, determine the cost of materials used and the cost of the July 31 inventory:

July 1 Balance on hand, 1,000 yd of linen @ $4.00 each.

3 Issued 250 yd.

5 Received 500 yd @ $4.50 each.

6 Issued 150 yd.

10 Issued 110 yd.

11 Factory returned 10 yd, which were issued on the 10th, to the storeroom.

15 Received 500 yd @ $5.00 each.

20 Returned 300 yd to the vendor from the July 15 purchase.

26 Issued 600 yd