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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 270 180 Received Unit Price $11 13 Issued Materials Requisition Issued Number Quantity 107 120 430 250 Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 380 380 ✔ 270 ✔ 220 ✔ 220 ✔ 180 ✔ 150 ✓ Check My Work a Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. Balance Unit price $9 9 ✔ 11 ✓ 11 ✓ 11 ✓ 13 ✔ 13 ✔ ELE Balance Amount $3,420 3,420 2,970 2,420 2,420 2,340 ✓ 1,950 ✓ ✓

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 270 180 Received Unit Price $11 13 Issued Materials Requisition Issued Number Quantity 107 120 430 250 Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 380 380 ✔ 270 ✔ 220 ✔ 220 ✔ 180 ✔ 150 ✓ Check My Work a Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. Balance Unit price $9 9 ✔ 11 ✓ 11 ✓ 11 ✓ 13 ✔ 13 ✔ ELE Balance Amount $3,420 3,420 2,970 2,420 2,420 2,340 ✓ 1,950 ✓ ✓

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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b. Determine the materials inventory balance at the end of May. s 1,950 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Work in Process Materials 0 d. Comparing quantities on hand as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) lack of materials causes idle time.
Transcribed Image Text:b. Determine the materials inventory balance at the end of May. s 1,950 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Work in Process Materials 0 d. Comparing quantities on hand as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) lack of materials causes idle time.
O 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 270 180 Received Unit Price $11 13 Issued Materials Requisition Issued Number Quantity 107 120 430 250 Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 380 380 ✔ 270 ✓ ✓ 220 ✓ 220 180 150 ✓ Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. Balance Unit price $9 9 ✔ 11 ✓ 11 ✔ 11 ✔ 13 ✓ 13 ✓ Balance Amount $3,420 3,420 ✔ 2,970 ✔ 2,420 ✔ 2,420 ✔ 2,340 ✔ 1,950 ✓
Transcribed Image Text:O 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 270 180 Received Unit Price $11 13 Issued Materials Requisition Issued Number Quantity 107 120 430 250 Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 380 380 ✔ 270 ✓ ✓ 220 ✓ 220 180 150 ✓ Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. Balance Unit price $9 9 ✔ 11 ✓ 11 ✔ 11 ✔ 13 ✓ 13 ✓ Balance Amount $3,420 3,420 ✔ 2,970 ✔ 2,420 ✔ 2,420 ✔ 2,340 ✔ 1,950 ✓
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