The purchases and issues of rubber gaskets (Materials Ledger #11216) as shown in the records of GT Corp. for November follow: 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 Costing: Materials Ledger Description Rubber gaskets Materials Ledger Account No. 11216 Received Issued Balance Date Rec. Rep. No. Quantity Unit Price Amount Mat.Req. No. Quantity Unit Price Amount Quantity Unit Price Amount 11/1 11/4 11/5 11/8 11/15 11/22 11/28 b. LIFO Costing: Materials Ledger Description Rubber gaskets Materials Ledger Account No. 11216 Received Issued Balance Date Rec. Rep. No. Quantity Unit Price Amount Mat.Req. No. Quantity Unit Price Amount Quantity Unit Price Amount 11/1 11/4 11/5 11/8 11/15 11/22 11/28 c. Moving Average Costing: (for this requirement, if necessary, carry unit prices to five decimal places and use that rounded figure in subsequent computations) Materials Ledger Description Rubber gaskets Materials Ledger Account No. 11216 Received Issued Balance Date Rec. Rep. No. Quantity Unit Price Amount Mat.Req. No. Quantity Unit Price Amount Quantity Unit Price Amount 11/1 11/4 11/5 11/8 11/15 11/22 11/28 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. Round all numbers to the nearest dollar. Inventory Method Cost Transferred to Work in Process Cost of Ending Inventory FIFO $ $ LIFO $ $ Moving average $ $ 3. If prices continue to increase, would you favor adopting the FIFO or the LIFO method? Explain. The input in the box below will not be graded, but may be reviewed and considered by your instructor. 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. The input in the box below will not be graded, but may be reviewed and considered by your instructor