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 1 220 $8 $1,760 24 150 $10 May 4 fill in the blank 0748f9092fa1036_1 fill in the blank 0748f9092fa1036_2 fill in the blank 0748f9092fa1036_3 fill in the blank 0748f9092fa1036_4 fill in the blank 0748f9092fa1036_5 fill in the blank 0748f9092fa1036_6 107 250 $fill in the blank 0748f9092fa1036_7 May 10 fill in the blank 0748f9092fa1036_8 fill in the blank 0748f9092fa1036_9 fill in the blank 0748f9092fa1036_10 30 100 12 May 21 fill in the blank 0748f9092fa1036_11 fill in the blank 0748f9092fa1036_12 fill in the blank 0748f9092fa1036_13 fill in the blank 0748f9092fa1036_14 fill in the blank 0748f9092fa1036_15 fill in the blank 0748f9092fa1036_16 120 150 fill in the blank 0748f9092fa1036_17 May 27 fill in the blank 0748f9092fa1036_18 fill in the blank 0748f9092fa1036_19 fill in the blank 0748f9092fa1036_20 b. Determine the materials inventory balance at the end of May. $fill in the blank a102dbfc703dfc2_1 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. fill in the blank b7d5e3ffdf9bf91_2 fill in the blank b7d5e3ffdf9bf91_3 fill in the blank b7d5e3ffdf9bf91_5 fill in the blank b7d5e3ffdf9bf91_6

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	220	$8	$1,760
24	150	$10				May 4	fill in the blank 0748f9092fa1036_1	fill in the blank 0748f9092fa1036_2	fill in the blank 0748f9092fa1036_3
							fill in the blank 0748f9092fa1036_4	fill in the blank 0748f9092fa1036_5	fill in the blank 0748f9092fa1036_6
			107	250	$fill in the blank 0748f9092fa1036_7	May 10	fill in the blank 0748f9092fa1036_8	fill in the blank 0748f9092fa1036_9	fill in the blank 0748f9092fa1036_10
30	100	12				May 21	fill in the blank 0748f9092fa1036_11	fill in the blank 0748f9092fa1036_12	fill in the blank 0748f9092fa1036_13
							fill in the blank 0748f9092fa1036_14	fill in the blank 0748f9092fa1036_15	fill in the blank 0748f9092fa1036_16
			120	150	fill in the blank 0748f9092fa1036_17	May 27	fill in the blank 0748f9092fa1036_18	fill in the blank 0748f9092fa1036_19	fill in the blank 0748f9092fa1036_20

b. Determine the materials inventory balance at the end of May.
$fill in the blank a102dbfc703dfc2_1

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

		fill in the blank b7d5e3ffdf9bf91_2	fill in the blank b7d5e3ffdf9bf91_3
		fill in the blank b7d5e3ffdf9bf91_5	fill in the blank b7d5e3ffdf9bf91_6

d. Comparing 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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