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.ReceivedIssuedReceivingReport QuantityNumber2329Feedback220150UnitPrice$1012MaterialsRequisition QuantityNumber103116360210Amountb. Determine the materials inventory balance at the end of May.37,080 XDateMay 1May 4May 10May 21May 27Quantity320320220BalanceCheck My Worka Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantityUnitprice$8810Amount$2,5602,560✔2,200✔

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Description: 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.ReceivedIssuedReceivingRepo

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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 Receiving Report Number 23 29 Feedback Quantity 220 150 Unit Price $10 12 Materials Requisition Number 103 116 Quantity 360 210 Amount 37,080 X Date May 1 May 4 May 10 May 21 May 27 Quantity 320 320 ✔ 220 ✔ Balance Check My Work a Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity Unit price $8 8 10 ✔ Amount $2,560 2,560 2,200✔

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 Receiving Report Number 23 29 Feedback Quantity 220 150 Unit Price $10 12 Materials Requisition Number 103 116 Quantity 360 210 Amount 37,080 X Date May 1 May 4 May 10 May 21 May 27 Quantity 320 320 ✔ 220 ✔ Balance Check My Work a Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity Unit price $8 8 10 ✔ Amount $2,560 2,560 2,200✔

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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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 MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 310 $9 $2,790 27 220 $11 May 4 fill in the blank 0fee43fc4fc8fc9_1 fill in the blank 0fee43fc4fc8fc9_2 fill in the blank 0fee43fc4fc8fc9_3 fill in the blank 0fee43fc4fc8fc9_4 fill in the blank 0fee43fc4fc8fc9_5 fill in the blank 0fee43fc4fc8fc9_6 102 350 $fill in the blank 0fee43fc4fc8fc9_7 May 10 fill in the blank 0fee43fc4fc8fc9_8 fill in the blank 0fee43fc4fc8fc9_9 fill in the blank 0fee43fc4fc8fc9_10 33 150 13 May 21 fill in the blank 0fee43fc4fc8fc9_11 fill in the blank 0fee43fc4fc8fc9_12 fill in the blank 0fee43fc4fc8fc9_13 fill in the 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 Receiving Issued Materials Requisition Number Report Number 23 +A 29 Received Quantity 240 d. Comparing 160 Received Unit Price $10 12 108 b. Determine the materials inventory balance at the end of May. 121 Issued Quantity 380 230 LA Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 340 000000 Balance Unit price c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. $8 000000 Balance Amount $2,720 000000 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
Entry for issuing materials Instructions Instructions Materials issued are as follows: Requisition No. 201 202 203 Chart of Accounts 204 205 Material Aluminum Plastic Rubber Glue Steel E Job No. 500 503 504 Indirect 510 General Journal Amount $976,000 379,400 187,700 170,000 619,000 Required: Journalize the entry on Dec. 31 to record the issuance of materials.
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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 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
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m Exam Compute the Work-in-Process transferred to the finished goods warehouse on April 30 using the following information: $305 280 Work-In-Process Inventory, April 30 Direct material purchased during April Work-In-Process Inventory, April 1 Direct labor costs incurred 330 2857 430 Manufacturing overhead costs Direct materials used in production 380 255 Multiple Choice $1,140. $1,065. $1,090. Prev 1 of 50 Next >
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