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✔
Chapter1: Financial Statements And Business Decisions
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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 Quantity
Number
23
29
Feedback
220
150
Unit
Price
$10
12
Materials
Requisition Quantity
Number
103
116
360
210
Amount
b. Determine the materials inventory balance at the end of May.
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✔](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb359d07-eca4-4426-9f90-7d97299ce282%2F2a5b6bf3-6332-44da-809d-373765622458%2Fjw143k_processed.jpeg&w=3840&q=75)
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
Receiving
Report Quantity
Number
23
29
Feedback
220
150
Unit
Price
$10
12
Materials
Requisition Quantity
Number
103
116
360
210
Amount
b. Determine the materials inventory balance at the end of May.
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✔
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