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...
icon
Related questions
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.

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.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning