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 Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 285 $30.00 $8,550 40 130 $32.00 May 4 91 365 May 10 44 110 38.00 May 21 97 100 May 27 Feedback Check My Work b. Determine the materials inventory balance at the end of May. Feedback Check My Work c. Journalize the summary entry to transfer materials to work in process. Work in Process V Materials /
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 Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 285 $30.00 $8,550 40 130 $32.00 May 4 91 365 May 10 44 110 38.00 May 21 97 100 May 27 Feedback Check My Work b. Determine the materials inventory balance at the end of May. Feedback Check My Work c. Journalize the summary entry to transfer materials to work in process. Work in Process V Materials /
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
Issued
Balance
Receiving
Materials
Unit
Unit
Report
Quantity
Requisition
Quantity
Amount
Date
Quantity
Amount
Price
price
Number
Number
May 1
285
$30.00
$8,550
40
130
$32.00
May 4
91
365
May 10
44
110
38.00
May 21
97
100
May 27
Feedback
Check My Work
b. Determine the materials inventory balance at the end of May.
Feedback
Check My Work
C. Journalize the summary entry to transfer materials to work in process.
Work in Process /
Materials
%24
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