2. An incomplete subsidiary ledger of materials inventory for May is as follows:RECEIVEDISSUEDBALANCEReceiving Materials Report UnitRequisition Unit NumberQuantityPriceNumberQuantityAmountDateQuantityPriceAmount May 1293$30.40$8,90740135$31.20 May 4 91362 May 10 4410738.10 May 21 97103 May 27 Required:A.Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar.B.Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar.C.Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final ansRECEIVEDISSUEDВАReceivingMaterialsReportUnitRequisitionNumberQuantityPriceNumberQuantityAmountDateQuantityMay 129340135$31.20May 4$491362$May 102$4410738.10May 21%2497103May 27B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar.%2424%24%24 subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar.ISSUEDBALANCEAmountDateQuantityUnit PriceAmountMay 1293$30.40$8,907May 4%2424May 10May 21May 27K Points:0/ 20nd your answer to the nearest dollar.%24%24%24

FIFO (first in first out) is the method which requires inventory requisite first must be issued…

Answered: An incomplete subsidiary ledger of…

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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2. An incomplete subsidiary ledger of materials inventory for May is as follows:

RECEIVED	ISSUED	BALANCE
Receiving			Materials
Report		Unit	Requisition					Unit
Number	Quantity	Price	Number	Quantity	Amount	Date	Quantity	Price	Amount
						May 1	293	$30.40	$8,907
40	135	$31.20				May 4
			91	362		May 10
44	107	38.10				May 21
			97	103		May 27

Required:

A.	Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar.
B.	Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar.
C.	Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar.

A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final ans
RECEIVED
ISSUED
ВА
Receiving
Materials
Report
Unit
Requisition
Number
Quantity
Price
Number
Quantity
Amount
Date
Quantity
May 1
293
40
135
$31.20
May 4
$4
91
362
$
May 10
2$
44
107
38.10
May 21
%24
97
103
May 27
B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar.
%24
24
%24
%24

subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar.
ISSUED
BALANCE
Amount
Date
Quantity
Unit Price
Amount
May 1
293
$30.40
$8,907
May 4
%24
24
May 10
May 21
May 27
K Points:
0/ 20
nd your answer to the nearest dollar.
%24
%24
%24

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