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 Materials Receiving Report Number Requisition Issued Number Quantity 23 29 Received Quantity 240 d. Comparing 160 Received Unit Price $10 12 108 b. Determine the materials inventory balance at the end of May. 121 38 380 230 Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 340 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Balance Unit price $8 Balance Amount $2,720 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
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 Materials Receiving Report Number Requisition Issued Number Quantity 23 29 Received Quantity 240 d. Comparing 160 Received Unit Price $10 12 108 b. Determine the materials inventory balance at the end of May. 121 38 380 230 Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 340 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Balance Unit price $8 Balance Amount $2,720 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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
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
Issued
Materials
Requisition
Number
Report
Number
23
+A
29
Received
Quantity
240
d. Comparing
160
Received
Unit
Price
$10
12
108
b. Determine the materials inventory balance at the end of May.
121
Issued
Quantity
380
230
LA
Issued
Amount
Balance
Date
May 1
May
4
May 10
May 21
May 27
Balance
Quantity
340
000000
Balance
Unit
price
c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.
$8
000000
Balance
Amount
$2,720
000000
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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