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 1 360 $8 $2,880 22 250 $10           May 4                                       101 410 $   May 10       28 170 12           May 21                                       114 240     May 27       b.  Determine the materials inventory balance at the end of May. $ c.  Journalize the summary entry to transfer materials to work in process.

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 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 1 360 $8 $2,880
22 250 $10           May 4      
                       
        101 410 $   May 10      
28 170 12           May 21      
                       
        114 240     May 27      

b.  Determine the materials inventory balance at the end of May.
$

c.  Journalize the summary entry to transfer materials to work in process.

       
       

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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