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 $6 $2,160 21 250 $8 May 4 fill in the blank 77c1e905afbc076_1 fill in the blank 77c1e905afbc076_2 fill in the blank 77c1e905afbc076_3 fill in the blank 77c1e905afbc076_4 fill in the blank 77c1e905afbc076_5 fill in the blank 77c1e905afbc076_6 102 410 $fill in the blank 77c1e905afbc076_7 May 10 fill in the blank 77c1e905afbc076_8 fill in the blank 77c1e905afbc076_9 fill in the blank 77c1e905afbc076_10 27 170 10 May 21 fill in the blank 77c1e905afbc076_11 fill in the blank 77c1e905afbc076_12 fill in the blank 77c1e905afbc076_13 fill in the blank 77c1e905afbc076_14 fill in the blank 77c1e905afbc076_15 fill in the blank 77c1e905afbc076_16 115 240 fill in the blank 77c1e905afbc076_17 May 27 fill in the blank 77c1e905afbc076_18 fill in the blank 77c1e905afbc076_19 fill in the blank 77c1e905afbc076_20 Feedback b. Determine the materials inventory balance at the end of May. $fill in the blank c0a84bfa6fe2fb0_1 Feedback c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select -

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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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	$6	$2,160
21	250	$8				May 4	fill in the blank 77c1e905afbc076_1	fill in the blank 77c1e905afbc076_2	fill in the blank 77c1e905afbc076_3
							fill in the blank 77c1e905afbc076_4	fill in the blank 77c1e905afbc076_5	fill in the blank 77c1e905afbc076_6
			102	410	$fill in the blank 77c1e905afbc076_7	May 10	fill in the blank 77c1e905afbc076_8	fill in the blank 77c1e905afbc076_9	fill in the blank 77c1e905afbc076_10
27	170	10				May 21	fill in the blank 77c1e905afbc076_11	fill in the blank 77c1e905afbc076_12	fill in the blank 77c1e905afbc076_13
							fill in the blank 77c1e905afbc076_14	fill in the blank 77c1e905afbc076_15	fill in the blank 77c1e905afbc076_16
			115	240	fill in the blank 77c1e905afbc076_17	May 27	fill in the blank 77c1e905afbc076_18	fill in the blank 77c1e905afbc076_19	fill in the blank 77c1e905afbc076_20

Feedback

b. Determine the materials inventory balance at the end of May.
$fill in the blank c0a84bfa6fe2fb0_1

Feedback

c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.

		- Select -	- Select -
		- Select -	- Select -

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