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.ReceivedIssuedReceivingReport QuantityNumber2329Feedback220150UnitPrice$1012MaterialsRequisition QuantityNumber103116360210Amountb. Determine the materials inventory balance at the end of May.37,080 XDateMay 1May 4May 10May 21May 27Quantity320320220BalanceCheck My Worka Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantityUnitprice$8810Amount$2,5602,560✔2,200✔

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Description: 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.ReceivedIssuedReceivingRepo

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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 Number 23 29 Feedback Quantity 220 150 Unit Price $10 12 Materials Requisition Number 103 116 Quantity 360 210 Amount 37,080 X Date May 1 May 4 May 10 May 21 May 27 Quantity 320 320 ✔ 220 ✔ Balance Check My Work a Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity Unit price $8 8 10 ✔ Amount $2,560 2,560 2,200✔

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 Number 23 29 Feedback Quantity 220 150 Unit Price $10 12 Materials Requisition Number 103 116 Quantity 360 210 Amount 37,080 X Date May 1 May 4 May 10 May 21 May 27 Quantity 320 320 ✔ 220 ✔ Balance Check My Work a Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity Unit price $8 8 10 ✔ Amount $2,560 2,560 2,200✔

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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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.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.