Cost of Materials Issuances Under the FIFO MethodAn incomplete subsidiary ledger of materials inventory for May is as follows:a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.ReceivedIssuedBalanceReceivingMaterialsUnitUnitReportQuantityRequisitionQuantityAmountDateQuantityAmountPricepriceNumberNumberMay 1260$8$2,08026180$10May 426082,080180101,8001022902,110Мay 10180103212012May 211801012115170May 2712b. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.

1. Material Subsidiary ledger Received Issued Balance Receiving Report Number…

An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials

An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Cost of Materials Issuances Under the FIFO Method
An incomplete subsidiary ledger of materials inventory for May is as follows:
a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.
Received
Issued
Balance
Receiving
Materials
Unit
Unit
Report
Quantity
Requisition
Quantity
Amount
Date
Quantity
Amount
Price
price
Number
Number
May 1
260
$8
$2,080
26
180
$10
May 4
260
8
2,080
180
10
1,800
102
290
2,110
Мay 10
180
10
32
120
12
May 21
180
10
12
115
170
May 27
12
b. Determine the materials inventory balance at the end of May.
c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.

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