Cost of Materials Issuances Under the FIFO MethodAn 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 BalanceReceivingReportNumberQuantityUnitPrice MaterialsRequisitionNumberQuantityAmount DateQuantityUnitpriceAmount May 1285$30.00$8,55040130$32.00 May 4fill in the blank 6b5d28043011031_1fill in the blank 6b5d28043011031_2fill in the blank 6b5d28043011031_3 fill in the blank 6b5d28043011031_4fill in the blank 6b5d28043011031_5fill in the blank 6b5d28043011031_6 91365$fill in the blank 6b5d28043011031_7 May 10fill in the blank 6b5d28043011031_8fill in the blank 6b5d28043011031_9fill in the blank 6b5d28043011031_104411038.00 May 21fill in the blank 6b5d28043011031_11fill in the blank 6b5d28043011031_12fill in the blank 6b5d28043011031_13 fill in the blank 6b5d28043011031_14fill in the blank 6b5d28043011031_15fill in the blank 6b5d28043011031_16 97100fill in the blank 6b5d28043011031_17 May 27fill in the blank 6b5d28043011031_18fill in the blank 6b5d28043011031_19fill in the blank 6b5d28043011031_20b. Determine the materials inventory balance at the end of May.$fill in the blank a28b0403ef92fce_1c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. fill in the blank 4c4ced094065fe1_2fill in the blank 4c4ced094065fe1_3 fill in the blank 4c4ced094065fe1_5fill in the blank 4c4ced094065fe1_6d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.

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Answered: Complete the materials issuances and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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	Balance
Receiving Report Number	Quantity	Unit Price	Materials Requisition Number	Quantity	Amount	Date	Quantity	Unit price	Amount
						May 1	285	$30.00	$8,550
40	130	$32.00				May 4	fill in the blank 6b5d28043011031_1	fill in the blank 6b5d28043011031_2	fill in the blank 6b5d28043011031_3
							fill in the blank 6b5d28043011031_4	fill in the blank 6b5d28043011031_5	fill in the blank 6b5d28043011031_6
			91	365	$fill in the blank 6b5d28043011031_7	May 10	fill in the blank 6b5d28043011031_8	fill in the blank 6b5d28043011031_9	fill in the blank 6b5d28043011031_10
44	110	38.00				May 21	fill in the blank 6b5d28043011031_11	fill in the blank 6b5d28043011031_12	fill in the blank 6b5d28043011031_13
							fill in the blank 6b5d28043011031_14	fill in the blank 6b5d28043011031_15	fill in the blank 6b5d28043011031_16
			97	100	fill in the blank 6b5d28043011031_17	May 27	fill in the blank 6b5d28043011031_18	fill in the blank 6b5d28043011031_19	fill in the blank 6b5d28043011031_20

b. Determine the materials inventory balance at the end of May.
$fill in the blank a28b0403ef92fce_1

c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.

		fill in the blank 4c4ced094065fe1_2	fill in the blank 4c4ced094065fe1_3
		fill in the blank 4c4ced094065fe1_5	fill in the blank 4c4ced094065fe1_6

d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.

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