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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 as an aid in maintaining inventory quantities on hand. Previc Check My Work 5 more Check My Work uses remaining. 40

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 as an aid in maintaining inventory quantities on hand. Previc Check My Work 5 more Check My Work uses remaining. 40

FINANCIAL ACCOUNTING
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 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 as an aid in maintaining inventory quantities on hand. Previc Check My Work 5 more Check My Work uses remaining. 40
Transcribed Image Text: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 as an aid in maintaining inventory quantities on hand. Previc Check My Work 5 more Check My Work uses remaining. 40
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