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Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory...

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Accounting

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 1 380 $6 $2,280
26 270 $8 May 4
105 430 $ May 10
32 180 10 May 21
118 250 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. If an amount box does not require an entry, leave it blank.

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