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 23 29 210 140 Received Unit Price $9 Issued Materials Requisition Issued Number Quantity 104 117 340 200 Issued Amount 3,900 X Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 300 300 ✔ x 160 X 160 X 140 ✓ 110 ✔ Balance Unit price 57 74 7 X 9 √ 9✓ 11 ✔ 11 Balance Amount $2,100 2,100✔ 2,100 X 1,890 X 1,260 X 1,540 1,210
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 23 29 210 140 Received Unit Price $9 Issued Materials Requisition Issued Number Quantity 104 117 340 200 Issued Amount 3,900 X Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 300 300 ✔ x 160 X 160 X 140 ✓ 110 ✔ Balance Unit price 57 74 7 X 9 √ 9✓ 11 ✔ 11 Balance Amount $2,100 2,100✔ 2,100 X 1,890 X 1,260 X 1,540 1,210
Chapter1: Financial Statements And Business Decisions
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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
23
29
210
140
Received
Unit
Price
$9
H
Issued
Materials
Requisition
Issued
Number Quantity
104
117
340
200
Issued
Amount
3,900 X
Balance
Date
May 1
May 4
May 10
May 21
May 27
Balance
Quantity
300
300 ✔
x
160 X
160 X
140 ✓
110 ✔
Balance
Unit
price
57
7 V
7 X
9 √
9✓
11 ✔
11
Balance
Amount
$2,100
2,100✔
2,100 X
1,890 X
1,260 X
1,540
1,210
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