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 22 28 Feedback Received Quantity Feedback Check My Work Check My Work 190 130 Work in Process Materials Received Unit Price $10 ✓ 12 Issued Materials Requisition Number 104 b. Determine the materials inventory balance at the end of May. 117 Issued Quantity 310 180 Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 270 270 ✔ 0000 190 X c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave blank. 10000 Balance Unit price $8 10 Balance Amount $2,160 2,160 ✓

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
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
Receiving
Report Received
Number Quantity
22
28
Feedback
Check My Work
Feedback
►Check My Work
190
130
Work in Process
Materials
Received
Unit
Price
$10
✓
12
Issued
Materials
Requisition Issued
Number
Quantity
104
b. Determine the materials inventory balance at the end of May.
117
310
180
Issued
Amount
Balance
Date
May 1
May 4
May 10
May 21
May 27
Balance
Quantity
270
270
190 X
c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave blank.
Balance
Unit
price
$8
8
✓
10 ✓
Balance
Amount
$2,160
2,160 ✔
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 Receiving Report Received Number Quantity 22 28 Feedback Check My Work Feedback ►Check My Work 190 130 Work in Process Materials Received Unit Price $10 ✓ 12 Issued Materials Requisition Issued Number Quantity 104 b. Determine the materials inventory balance at the end of May. 117 310 180 Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 270 270 190 X c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave blank. Balance Unit price $8 8 ✓ 10 ✓ Balance Amount $2,160 2,160 ✔
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