Q.3 Using first-in, first-out method, last-in, first out method, and weighted average cost method of inventory costing; and the following information, determine the cost of materials used and the cost of the May 31, 2022 inventory (Round unit prices to four decimal places and totals to the nearest whole dollar): July 1 Balance on hand, 1,000 yd of linen@$4.00 each. 3 5 Issued 250 yd. Received 500 yd@ $4.50 each. Issued 150 yd. Factory returned 10 yd, which were issued on the 10th, to the storeroom. Received 500 yd@$5.00 each. 6 10 Issued 110 yd. 11 2255 15 20 26 Returned 300 yd to the vendor from the July 15 purchase. Issued 600 yd. Compare the total materials cost transferred to Work in Process and the cost of the ending inventory for each method used. Discuss the effect that each method will have on profits, depending on whether it is a period of rising prices or a period of falling prices.