The Heaven & Earth Company made the following material purchase and issues during January: January 1 Balance on hand, 1,000 units at P 4.00 each 3 Issued 250 units 5 Received 500 units at P 4.50 each...

The Heaven & Earth Company made the following material purchase and issues during January:

            January            1          Balance on hand, 1,000 units at P 4.00 each

                                    3          Issued 250 units

                                    5          Received 500 units at P 4.50 each

                                    6          Issued 150 units

                                    10        Issued 110 units

11        Factory returned 10 units to the store room that were issued on the 10^th

15        Received 500 units at P 5.00 each

20        Returned 300 units to vendor from May 15^th
purchase

26        Issued 100 units

Required: Cost of materials used and inventory, end using:

1. First-in, first-out


2. Average