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
300
$9
$2,700
23
210
$11
May 4
105
340
$
May 10
29
140
13
May 21
118
200
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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