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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 Receiving Report Quantity Number 25 31 190 130 Unit Price $10 12 Materials Requisition Number 102 Quantity 310 Amount 4,060 X Date May 1 May 4 May 10 May 21 Quantity 270 270 ✓ ✓ 190 460 X 460 X Balance Unit price $8 8 ✔ ✓ ✓ 10 10 10 ✓ Amount $2,160 2,160 ✔ 1,900 ✔ 4,060 X 1,560 X

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 Receiving Report Quantity Number 25 31 190 130 Unit Price $10 12 Materials Requisition Number 102 Quantity 310 Amount 4,060 X Date May 1 May 4 May 10 May 21 Quantity 270 270 ✓ ✓ 190 460 X 460 X Balance Unit price $8 8 ✔ ✓ ✓ 10 10 10 ✓ Amount $2,160 2,160 ✔ 1,900 ✔ 4,060 X 1,560 X

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 3E: Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials...
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b. Determine the materials inventory balance at the end of May. 1,560 X Feedback V Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Work in Process v 4,030 X Materials v 4,030 X
Transcribed Image Text:b. Determine the materials inventory balance at the end of May. 1,560 X Feedback V Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Work in Process v 4,030 X Materials v 4,030 X
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 Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 270 $8 $2,160 $10 2,160 V 25 190 May 4 270 8 190 1,900 V 10 4,060 x 460 X 4,060 X 102 310 May 10 10 31 130 12 May 21 460 x 10 1,560 X 130 12 1,560 V 115 180 1,380 X May 27 180 X 12 1,560 x
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 Balance Receiving Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 270 $8 $2,160 $10 2,160 V 25 190 May 4 270 8 190 1,900 V 10 4,060 x 460 X 4,060 X 102 310 May 10 10 31 130 12 May 21 460 x 10 1,560 X 130 12 1,560 V 115 180 1,380 X May 27 180 X 12 1,560 x
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