The purchases and issues of rubber gaskets (Materials Ledger #11216) as shown in the records of Hillsdale Corp. for November follow: Units Unit Price Nov. 1 Beginning balance 30,000 $3.00 4 Received, Rec. Report No. 112 10,000 3.10 5 Issued, Mat. Req. No. 49 30,000 8 Received, Rec. Report No. 113 50,000 3.30 15 Issued, Mat. Req. No. 50 20,000 22 Received, Rec. Report No. 114 25,000 3.50 28 Issued, Mat. Req. No. 51 30,000 Required: 1. Complete a materials ledger account similar to Figure 2-10 (the On Order columns should be omitted) for each of the following inventory costing methods, using a perpetual inventory system: a. FIFO b. LIFO c. Weighted average (carrying unit prices to five decimal places) 2. For each method, prepare a schedule that shows the total cost of materials transferred to Work in Process and the cost of the ending inventory. 3. If prices continue to increase, would you favor adopting the FIFO or the LIFO method? Explain. 4. When prices continue to rise, what is the effect of FIFO versus LIFO on the inventory balance for materials reported in the balance sheet? Discuss.