**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**| Receiving Report Number | Quantity | Unit Price ||-------------------------|----------|------------|| 40 | 130 | $32.00 || 44 | 110 | $38.00 |**Issued**| Materials Requisition Number | Quantity | Amount ||------------------------------|----------|--------|| 91 | 365 | || 97 | 100 | |**Balance**| Date | Quantity | Unit Price | Amount ||------|----------|------------|--------|| May 1 | 285 | $30.00 | $8,550 || May 4 | | | || May 10 | | | || May 21 | | | || May 27 | | | |**b. Determine the materials inventory balance at the end of May.**$_____**c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.**| Date | Account Title | Debit | Credit ||------|----------------|-------|--------||______| | | ||______| | | |**d. Comparing __________ as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) __________ causes idle time.**This exercise provides a practical application of the FIFO method for tracking materials inventory and ensuring accurate financial reporting. By following the steps and completing the ledger, students can understand how to manage and account for inventory in real-world scenarios.

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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. Received Receiving Report Number 40 44 Quantity 130 110 Unit Price $32.00 38.00 Materials Requisition Number 91 97 Issued Quantity b. Determine the materials inventory balance at the end of May. 365 100 Amount Date May 1 May 4 May 10 May 21 May 27 Quantity 285 Balance Unit price $30.00 Amount $8,550

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 Receiving Report Number 40 44 Quantity 130 110 Unit Price $32.00 38.00 Materials Requisition Number 91 97 Issued Quantity b. Determine the materials inventory balance at the end of May. 365 100 Amount Date May 1 May 4 May 10 May 21 May 27 Quantity 285 Balance Unit price $30.00 Amount $8,550

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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Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Question Content Area a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. ReceivedReceivingReportNumber ReceivedQuantity ReceivedUnitPrice IssuedMaterialsRequisitionNumber IssuedQuantity IssuedAmount BalanceDate BalanceQuantity BalanceUnitprice BalanceAmount May 1 360 $7 $2,520 26 250 $9 May 4 fill in the blank 1 of 20 fill in the blank 2 of 20 fill in the blank 3 of 20 fill in the blank 4 of 20 fill in the blank 5 of 20 fill in the blank 6 of 20 102 410 fill in the blank 7 of 20$ May 10 fill in the blank 8 of 20 fill in the blank 9 of 20 fill in the blank 10 of 20 32 170 11 May 21 fill in the blank 11 of 20 fill in the blank 12 of 20 fill in the blank 13 of 20 fill in the blank 14 of 20 fill in the blank 15 of 20 fill in the blank 16…
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 Materials Receiving Report Number Requisition Number 25 31 Received Quantity 210 d. Comparing 140 Received Unit Price $11 13 106 119 b. Determine the materials inventory balance at the end of May. Issued Quantity 340 200 Issued Amount 0 Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 300 000000-*** Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. price Balance 10000⁰0 Amount $2,700 es reported in the materials ledger with predetermined order points would enable management to order materials before (4) causes idle time
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The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials. Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory Materials Work in Process Finished Goods Multiple Choice The cost of finished goods manufactured in August is: $147,000. $92,000. $57,000. August 31 August 1 $ 25,000 $ 47,000 $ 43,000 Some other amount. $ 65,000 $ 60,000 $ 60,000 $ 50,000 $ 25,000 $ 35,000
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The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 發 Balances in inventory August 31 August 1 Materiais Work in Process Finished Goods $65,000547,000 $60.000 *Sue00 M The total amount of inventory to be included in Elite's August 31st balance sheet amounts to A. $135,000 B. $210,000 C. $160,000 D. Some other amount 1 1109