RECEIVED ISSUED BALANCE Receiving Report Number Materials Unit Requisition Number Unit Quantity Price Quantity Amount Quantity Price Date Amount May 1 May 4 May 10 May 21 May 27 $30.00 $8,550 285 130 $32.00 40 91 365 44 110 38.00 97 100
RECEIVED ISSUED BALANCE Receiving Report Number Materials Unit Requisition Number Unit Quantity Price Quantity Amount Quantity Price Date Amount May 1 May 4 May 10 May 21 May 27 $30.00 $8,550 285 130 $32.00 40 91 365 44 110 38.00 97 100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
An incomplete subsidiary ledger of materials inventory for May is as follows:
See Attachment
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.
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