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 Report Number 27 33 Quantity 150 d. Comparing 100 Unit Price $7 9 Materials Requisition Number 106 119 Issued Quantity 240 b. Determine the materials inventory balance at the end of May. $ 140 Amount Date May 1 May 4 May 10 May 21 May 27 Quantity 210 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. Unit price $5 Amount $1,050 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) [ causes idle time.
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 Report Number 27 33 Quantity 150 d. Comparing 100 Unit Price $7 9 Materials Requisition Number 106 119 Issued Quantity 240 b. Determine the materials inventory balance at the end of May. $ 140 Amount Date May 1 May 4 May 10 May 21 May 27 Quantity 210 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. Unit price $5 Amount $1,050 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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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.
Receiving
Report
Number
27
33
Received
Quantity
d. Comparing
150
100
Unit
Price
$7
9
Materials
Requisition
Number
106
119
Issued
Quantity
b. Determine the materials inventory balance at the end of May.
240
140
Amount
Date
May 1
May 4
May 10
May 21
May 27
Quantity
210
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.
8
Unit
price
$5
Amount
$1,050
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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