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 1 360 $8 $2,880 22 250 $10 May 4 101 410 $ May 10 28 170 12 May 21 114 240 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.
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 1 360 $8 $2,880 22 250 $10 May 4 101 410 $ May 10 28 170 12 May 21 114 240 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.
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 | 360 | $8 | $2,880 | ||||||||
| 22 | 250 | $10 | May 4 | ||||||||
| 101 | 410 | $ | May 10 | ||||||||
| 28 | 170 | 12 | May 21 | ||||||||
| 114 | 240 | 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.
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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