TEST 3 QUESTION 1 At the beginning of a March 1, 580 kg of Material X were in the inventory at a cost of $7,920. Purchases and bars of the material for the month were as follows Date Purchases (kg) Issues (kg) 30056 400 600 10 400 $8 15 500 $5 22 900 27 20052 28 100 900 @ $3 700 Purchase cost ($) 30 31 The company uses the First-in-first-out method for pricing issues of materials from inventory. REQUIRED Prepare the stores ledger record also using the First-in-first-out method for pricing issues of materials from inventory.