An incomplete subsidiary ledger of materials inventory for May is as follows:RECEIVEDISSUEDBALANCEReceiving Materials Report UnitRequisition Unit NumberQuantityPriceNumberQuantityAmountDateQuantityPriceAmount May 1280$29.90$8,37240131$32.50 May 4 91371 May 10 4411437.80 May 21 97100 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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your answers to the nearest dollar.d.Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.

FIFO means where the goods purchased first will be sold first and closing inventory will consist of…

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

See similar textbooks

Similar questions

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
Cost of materials issuances under the FIF0 method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions X. 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 1 284 $30.00 $8,520 139 $32.90 May 4 91 373 May 10 44 117 38.80 May 21 97 100 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. D. Explain how the materials ledger might be used…
Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date detail Units cost per unit Rs. Total cost Rs. Jan 1 beg inventory 20 10 200 Jan 5 Purchases 50 11 550 Jan 6 issued 30 Jan 9 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150
Dont guve handwritten answer thnku
Don't provide answer in image format
Need help with this question
Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…
Please do not give solution in image format thanku
Please help me to solve this problem
Required Information [The following information applies to the questions displayed below) The following data is provided for Garcon Company and Pepper Compeny for the year ended December 31. Garcon Company $12,100 15, e Pepper Company $18,55e 21,7 10,s00 14,40 25, 20,400 .0 25,3 22, 00 20,0 7,000 12,25e 47,000 34,620 1, Finished goods inventory, beginning Mork in process inventory, beginning Raw naterlals lnventory, beginning Rental cost on factory equlpeent Direct labor 11,250 intshed goods inventory, ending Mork in process ineeetory, ending Ran naterials inventory, ending Factory utilities General and adeanistrative expenses Indirect labor Repairs-factory equipeent Raw naterials purchases Selling expenses Sales Cash Accounts receivable, net 17,4s0 7.000 13,35e 34, 14,95e 5,420 43,500 271,60 2,4 29,20 22,e 13,200 1. Complete the table to find the cost of goods manufsctured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the toble to calculate the…
Do not provide answer in image format thank you

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

RECEIVED	ISSUED	BALANCE
Receiving			Materials
Report		Unit	Requisition					Unit
Number	Quantity	Price	Number	Quantity	Amount	Date	Quantity	Price	Amount
						May 1	280	$29.90	$8,372
40	131	$32.50				May 4
			91	371		May 10
44	114	37.80				May 21
			97	100		May 27

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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your answers to the nearest dollar.
d.	Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.