a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.ReceivedIssuedBalanceReceivingMaterialsUnitReportQuantityRequisitionQuantityAmountDateQuantityUnitPriceAmountNumberNumberpriceMay 1250$5$1,25021180$7May 4102280May 1027120May 21115170May 27b. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.d. Comparingas reported in the materials ledger with predetermined order points would enable management to order materials before a(n)causes idle time.( PreviousNext ilrn/takeAssignment/takeAssignmentMain.do?invoker%-&takeAssignmentSessionLocator3&inprogress%3falsepsCost of Materials Issuances Under the FIFO MethodAn 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.ReceivedIssuedBalanceReceivingMaterialsUnitReportQuantityRequisitionQuantityDateUnitPriceAmountQuantityAmountNumberNumberpriceMay 1250$5$1,25021180$7May 4102280$4May 1027120May 21115170May 27b. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.PreviousNext

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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 Materials Unit Report Quantity Requisition Quantity Amount Unit Price Date Quantity Amount Number Number price May 1 250 $5 $1,250 21 180 $7 May 4 102 280 May 10 27 120 May 21 115 170 May 27 b. Determine the materials inventory balance at the end of May. C. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.

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 Materials Unit Report Quantity Requisition Quantity Amount Unit Price Date Quantity Amount Number Number price May 1 250 $5 $1,250 21 180 $7 May 4 102 280 May 10 27 120 May 21 115 170 May 27 b. Determine the materials inventory balance at the end of May. C. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.

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 FIF0 method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions X. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 284 $30.00 $8,520 139 $32.90 May 4 91 373 May 10 44 117 38.80 May 21 97 100 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. D. Explain how the materials ledger might be used…
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