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 1 220 $8 $1,760 24 150 $10 May 4 fill in the blank 0748f9092fa1036_1 fill in the blank 0748f9092fa1036_2 fill in the blank 0748f9092fa1036_3 fill in the blank 0748f9092fa1036_4 fill in the blank 0748f9092fa1036_5 fill in the blank 0748f9092fa1036_6 107 250 $fill in the blank 0748f9092fa1036_7 May 10 fill in the blank 0748f9092fa1036_8 fill in the blank 0748f9092fa1036_9 fill in the blank 0748f9092fa1036_10 30 100 12 May 21 fill in the blank 0748f9092fa1036_11 fill in the blank 0748f9092fa1036_12 fill in the blank 0748f9092fa1036_13 fill in the blank 0748f9092fa1036_14 fill in the blank 0748f9092fa1036_15 fill in the blank 0748f9092fa1036_16 120 150 fill in the blank 0748f9092fa1036_17 May 27 fill in the blank 0748f9092fa1036_18 fill in the blank 0748f9092fa1036_19 fill in the blank 0748f9092fa1036_20 b. Determine the materials inventory balance at the end of May. $fill in the blank a102dbfc703dfc2_1 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. fill in the blank b7d5e3ffdf9bf91_2 fill in the blank b7d5e3ffdf9bf91_3 fill in the blank b7d5e3ffdf9bf91_5 fill in the blank b7d5e3ffdf9bf91_6
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 1 220 $8 $1,760 24 150 $10 May 4 fill in the blank 0748f9092fa1036_1 fill in the blank 0748f9092fa1036_2 fill in the blank 0748f9092fa1036_3 fill in the blank 0748f9092fa1036_4 fill in the blank 0748f9092fa1036_5 fill in the blank 0748f9092fa1036_6 107 250 $fill in the blank 0748f9092fa1036_7 May 10 fill in the blank 0748f9092fa1036_8 fill in the blank 0748f9092fa1036_9 fill in the blank 0748f9092fa1036_10 30 100 12 May 21 fill in the blank 0748f9092fa1036_11 fill in the blank 0748f9092fa1036_12 fill in the blank 0748f9092fa1036_13 fill in the blank 0748f9092fa1036_14 fill in the blank 0748f9092fa1036_15 fill in the blank 0748f9092fa1036_16 120 150 fill in the blank 0748f9092fa1036_17 May 27 fill in the blank 0748f9092fa1036_18 fill in the blank 0748f9092fa1036_19 fill in the blank 0748f9092fa1036_20 b. Determine the materials inventory balance at the end of May. $fill in the blank a102dbfc703dfc2_1 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. fill in the blank b7d5e3ffdf9bf91_2 fill in the blank b7d5e3ffdf9bf91_3 fill in the blank b7d5e3ffdf9bf91_5 fill in the blank b7d5e3ffdf9bf91_6
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 5P: Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as...
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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 | 220 | $8 | $1,760 | ||||||||
24 | 150 | $10 | May 4 | fill in the blank 0748f9092fa1036_1 | fill in the blank 0748f9092fa1036_2 | fill in the blank 0748f9092fa1036_3 | |||||
fill in the blank 0748f9092fa1036_4 | fill in the blank 0748f9092fa1036_5 | fill in the blank 0748f9092fa1036_6 | |||||||||
107 | 250 | $fill in the blank 0748f9092fa1036_7 | May 10 | fill in the blank 0748f9092fa1036_8 | fill in the blank 0748f9092fa1036_9 | fill in the blank 0748f9092fa1036_10 | |||||
30 | 100 | 12 | May 21 | fill in the blank 0748f9092fa1036_11 | fill in the blank 0748f9092fa1036_12 | fill in the blank 0748f9092fa1036_13 | |||||
fill in the blank 0748f9092fa1036_14 | fill in the blank 0748f9092fa1036_15 | fill in the blank 0748f9092fa1036_16 | |||||||||
120 | 150 | fill in the blank 0748f9092fa1036_17 | May 27 | fill in the blank 0748f9092fa1036_18 | fill in the blank 0748f9092fa1036_19 | fill in the blank 0748f9092fa1036_20 |
b. Determine the materials inventory balance at the end of May.
$fill in the blank a102dbfc703dfc2_1
c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.
fill in the blank b7d5e3ffdf9bf91_2 | fill in the blank b7d5e3ffdf9bf91_3 | ||
fill in the blank b7d5e3ffdf9bf91_5 | fill in the blank b7d5e3ffdf9bf91_6 |
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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