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:
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a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.
Received
Issued
Balance
ReceivingReportNumber
Quantity
UnitPrice
MaterialsRequisitionNumber
Quantity
Amount
Date
Quantity
Unitprice
Amount
May 1
400
$5
$2,000
24
280
$7
May 4
107
450
May 10
30
190
9
May 21
120
270
May 27
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b. Determine the materials inventory balance at the end of May. $fill in the blank ..
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c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.
blank
Accounts Payable / Cash / Factory Overhead / Finished Goods/ Materials / Work in Process
?
?
Accounts Payable / Cash / Factory Overhead / Finished Goods/ Materials / Work in Process
?
?
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d. Comparing quantities on hand / materials costas reported in the materials ledger with predetermined order points would enable management to order materials before a(n) lack of materials / excess of materials causes idle time.
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