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 Fito Received Issued Materials Receiving Report Number 25 Received Quantity 210 d. Comparing 140 Received Unit Price $11 13 Requisition Number. 106 119 b. Determine the materials inventory balance at the end of May Issued Quantity 340 200 Issued Amount Balance Date May 1 May & May 10 May 21 May 27 11000000 Balance Quantity e. Journalue the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it bank Balance Unit price 19 Balance Amount $2,700 es reported in the materials ledger with predetermined order points would enable management to order materials before a) causes de 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 Fito Received Issued Materials Receiving Report Number 25 Received Quantity 210 d. Comparing 140 Received Unit Price $11 13 Requisition Number. 106 119 b. Determine the materials inventory balance at the end of May Issued Quantity 340 200 Issued Amount Balance Date May 1 May & May 10 May 21 May 27 11000000 Balance Quantity e. Journalue the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it bank Balance Unit price 19 Balance Amount $2,700 es reported in the materials ledger with predetermined order points would enable management to order materials before a) causes de time
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
Materials
Receiving
Report
Number
Requisition
Number
25
31
Received
Quantity
210
d. Comparing
140
Received
Unit
Price
$11
13
106
119
b. Determine the materials inventory balance at the end of May.
Issued
Quantity
340
200
Issued
Amount
0
Balance
Date
May 1
May 4
May 10
May
21
May 27
Balance
Quantity
300
000000-***
Balance
c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.
price
Balance
10000⁰0
Amount
$2,700
es reported in the materials ledger with predetermined order points would enable management to order materials before (4)
causes idle time
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