RECEIVED ISSUED BALANCE Receiving Materials Unit Unit Requisition Quantity Amount Date Quantity Report Number Quantity Amount Price Price Number |May 1 40 285 May S30.00 $8,550 130 $32.00 May 91 365 10 May 44 110 3800 21 Мay 97 100 27
RECEIVED ISSUED BALANCE Receiving Materials Unit Unit Requisition Quantity Amount Date Quantity Report Number Quantity Amount Price Price Number |May 1 40 285 May S30.00 $8,550 130 $32.00 May 91 365 10 May 44 110 3800 21 Мay 97 100 27
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter11: Cost-volume-profit Analysis
Section: Chapter Questions
Problem 11.18E
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Question
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.
B. Determine the materials inventory balance at the end of May.
C. Journalize the summary entry to transfer materials to work in process.
D. Explain how the materials ledger might be- used as an aid in maintaining inventory quantities on hand.
![RECEIVED
ISSUED
BALANCE
Receiving
Materials
Unit
Unit
Requisition Quantity Amount Date Quantity
Report
Number
Quantity
Amount
Price
Price
Number
|May
1
40
285
May
S30.00 $8,550
130
$32.00
May
91
365
10
May
44
110
3800
21
Мay
97
100
27](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F82668bec-701c-4d78-95af-8a29907a18c5%2Fc7c6ab97-bace-491e-b1e2-c5ad3d9cf7a1%2F9s9p5b_processed.png&w=3840&q=75)
Transcribed Image Text:RECEIVED
ISSUED
BALANCE
Receiving
Materials
Unit
Unit
Requisition Quantity Amount Date Quantity
Report
Number
Quantity
Amount
Price
Price
Number
|May
1
40
285
May
S30.00 $8,550
130
$32.00
May
91
365
10
May
44
110
3800
21
Мay
97
100
27
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