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 ✓
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 ✓
Chapter1: Financial Statements And Business Decisions
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