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CoursHeroTranscribedText: Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as shown in the records of HD Corporation for the month of November follow: Units Unit Price Beginning balance ......175..48549814 30,000 $3.00 Nov. 1 Received, Rec. Report No. 112 .. ..... .. 10,000 3.10 4 5 Issued, Mat. Req, No. 49 .. . . .. ....... 30,000 B Received, Rec. Report No. 113 ..... .... 50,000 3.30 15 Issued, Mat. Reg. 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 follow- ing inventory costing methods, using a perpetual inventory system: FIFO b. LIFO c. Moving 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