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 Report Number Quantity Unit Price Materials Requisition Number Quantity Amount Date Quantity Unit price Amount May 1 260 $8 $2,080 23 180 $10 May 4 260 8✓ 2,080 180 10 1,800 29 29 102 290 120 12 May 10 150 10 1,500 May 21 150 10 1,500 120 12 1,440 115 170 1,700 X May 27 100 12 ✓ 1,200 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Work in Process Materials 1,200 X 1,200 X Feedback
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 Report Number Quantity Unit Price Materials Requisition Number Quantity Amount Date Quantity Unit price Amount May 1 260 $8 $2,080 23 180 $10 May 4 260 8✓ 2,080 180 10 1,800 29 29 102 290 120 12 May 10 150 10 1,500 May 21 150 10 1,500 120 12 1,440 115 170 1,700 X May 27 100 12 ✓ 1,200 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Work in Process Materials 1,200 X 1,200 X Feedback
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Feedback
Transcribed Image Text: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
Report
Number
Quantity
Unit
Price
Materials
Requisition
Number
Quantity
Amount
Date
Quantity
Unit
price
Amount
May 1
260
$8
$2,080
23
180
$10
May 4
260
8✓
2,080
180
10
1,800
29
29
102
290
120
12
May 10
150
10
1,500
May 21
150
10
1,500
120
12
1,440
115
170
1,700 X
May 27
100
12 ✓
1,200
c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.
Work in Process
Materials
1,200 X
1,200 X
Feedback
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