Cost 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.Received Issued BalanceReceivingReportNumberQuantityUnitPrice MaterialsRequisitionNumberQuantityAmount DateQuantityUnitpriceAmount May 1285$30.00$8,55040130$32.00 May 4fill in the blank b6beca03afc4fb5_1fill in the blank b6beca03afc4fb5_2fill in the blank b6beca03afc4fb5_3 fill in the blank b6beca03afc4fb5_4fill in the blank b6beca03afc4fb5_5fill in the blank b6beca03afc4fb5_6 91365$fill in the blank b6beca03afc4fb5_7 May 10fill in the blank b6beca03afc4fb5_8fill in the blank b6beca03afc4fb5_9fill in the blank b6beca03afc4fb5_104411038.00 May 21fill in the blank b6beca03afc4fb5_11fill in the blank b6beca03afc4fb5_12fill in the blank b6beca03afc4fb5_13 fill in the blank b6beca03afc4fb5_14fill in the blank b6beca03afc4fb5_15fill in the blank b6beca03afc4fb5_16 97100fill in the blank b6beca03afc4fb5_17 May 27fill in the blank b6beca03afc4fb5_18fill in the blank b6beca03afc4fb5_19fill in the blank b6beca03afc4fb5_20b. Determine the materials inventory balance at the end of May.$fill in the blank 9f912005007afcd_1c. Journalize the summary entry to transfer materials to work in process. fill in the blank 6af1cb06af8cfae_2 fill in the blank 6af1cb06af8cfae_4d. Comparing 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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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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 Report Number	Quantity	Unit Price	Materials Requisition Number	Quantity	Amount	Date	Quantity	Unit price	Amount
						May 1	285	$30.00	$8,550
40	130	$32.00				May 4	fill in the blank b6beca03afc4fb5_1	fill in the blank b6beca03afc4fb5_2	fill in the blank b6beca03afc4fb5_3
							fill in the blank b6beca03afc4fb5_4	fill in the blank b6beca03afc4fb5_5	fill in the blank b6beca03afc4fb5_6
			91	365	$fill in the blank b6beca03afc4fb5_7	May 10	fill in the blank b6beca03afc4fb5_8	fill in the blank b6beca03afc4fb5_9	fill in the blank b6beca03afc4fb5_10
44	110	38.00				May 21	fill in the blank b6beca03afc4fb5_11	fill in the blank b6beca03afc4fb5_12	fill in the blank b6beca03afc4fb5_13
							fill in the blank b6beca03afc4fb5_14	fill in the blank b6beca03afc4fb5_15	fill in the blank b6beca03afc4fb5_16
			97	100	fill in the blank b6beca03afc4fb5_17	May 27	fill in the blank b6beca03afc4fb5_18	fill in the blank b6beca03afc4fb5_19	fill in the blank b6beca03afc4fb5_20

b. Determine the materials inventory balance at the end of May.
$fill in the blank 9f912005007afcd_1

c. Journalize the summary entry to transfer materials to work in process.

		fill in the blank 6af1cb06af8cfae_2
			fill in the blank 6af1cb06af8cfae_4

d. Comparing 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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