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

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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