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 Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 300 $9 $2,700 26 210 $11 May 4 300 9 2,700 107 340 May 10 32 140 13 May 21 120 200 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.
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 Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 300 $9 $2,700 26 210 $11 May 4 300 9 2,700 107 340 May 10 32 140 13 May 21 120 200 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.
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Transcribed Image Text: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
Materials
Unit
Unit
Report
Quantity
Requisition
Quantity
Amount
Date
Quantity
Amount
Price
price
Number
Number
May 1
300
$9
$2,700
26
210
$11
May 4
300
2,700
107
340
$
May 10
32
140
13
May 21
120
200
May 27
b. Determine the materials inventory balance at the end of May.
$4
c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.
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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