Exercise 2-10 Comparison of FIFO, LIFO, and Weighted Average Methods Use the following information. July 1 3 5 6 10 11 Balance on hand, 1,000 yd of linen @ $4.00 each. Issued 250 yd. Received 500 yd @ $4.50 each. Issued 150 yd. Issued 110 yd. Factory returned 10 yd, which were issued on the 10th, to the storeroom. Received 500 yd @ $5.00 each. Returned 300 yd to the vendor from the July 15 purchase. Issued 600 yd. 15 20 26 In tabular form, compare the total materials cost transferred to Work in Process and the cost of the ending inventory for each FIFO, LIFO, and weighted average methods. Inventory Cost Transferred Cost of Ending Method to Work in Process Inventory FIFO $ 4450 $ 2800 LIFO $ 4850 $ 2400 Weighted average $ 2680 | A 420