Using first-in, first-out, perpetual inventory costing, and the following informa- tion, determine the cost of materials used and the cost of the May 31 inven- tory: May | Balance on hand, 1,000 yds. (linen, $4 each). 3 Issued 250 yds. 5 Received 500 yds. at $4.50 each. 6 Issued 150 yds. 10 Issued 110 yds. II Factory returned 10 yds. to the storeroom that were issued on the 10th. 15 Received 500 yds. at $5.00 each. 20 Returned 300 yds. to vendor from May 15 purchase. 26 Issued 600 yds. T