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Cost of Materialk Assuances Under the FIFO Method An incomplete subudiary ledger of materials inwentocy for May is as follows: a. Complete the materiats issuances and balances for the materials subsidary ledger under fIfo. b. Determine the materials imventory balance at the end of May. c. Journalize the sumvary entry to transfer moterials to wock in process. If an amount boo does not require an entry, leave it blank. b. Determine the materals inventory balance at the end of May, c. Joumalize the summiary entry to transfer materals to work in process, tf an amount box does not require an entry. leave it blark. A. Comparing X as reported in the matenals ledger with predetermined order points would enable management to order materials before a (n) x causes idle time. Insiructions October I. Materiak purchased on accourh, $315,500 2 Materials requisitioned, $290,100, of which $9,150 was for general factory use 31 Factory tabor used, $499,500, of which $34,200 was inditect 3t Other costs incurred on accourt for faciory overthead, $600,000, seling expenses, $150,000, and adminiatrative uxpenses, $100,000 31 Prepaid expenses expired for tactory overhead were $18,000, for selling expenses, $6,000, and for administrative expenses, 55,000 31. Depeciation of office buading was $30,000, of office equipment, $7,500, and of tactory equipment? 560,000 31 Factory overhead conts applied to jobs, $711,600 21. Jabs cornpleted, $1,425,000 at Cost of geods sald, $1,360,000 Check My Work, 1 more Check My Work veses remaining Cost of Materialk Assuances Under the FIFO Method An incomplete subudiary ledger of materials inwentocy for May is as follows: a. Complete the materiats issuances and balances for the materials subsidary ledger under fIfo. b. Determine the materials imventory balance at the end of May. c. Journalize the sumvary entry to transfer moterials to wock in process. If an amount boo does not require an entry, leave it blank. b. Determine the materals inventory balance at the end of May, c. Joumalize the summiary entry to transfer materals to work in process, tf an amount box does not require an entry. leave it blark. A. Comparing X as reported in the matenals ledger with predetermined order points would enable management to order materials before a (n) x causes idle time. Insiructions October I. Materiak purchased on accourh, $315,500 2 Materials requisitioned, $290,100, of which $9,150 was for general factory use 31 Factory tabor used, $499,500, of which $34,200 was inditect 3t Other costs incurred on accourt for faciory overthead, $600,000, seling expenses, $150,000, and adminiatrative uxpenses, $100,000 31 Prepaid expenses expired for tactory overhead were $18,000, for selling expenses, $6,000, and for administrative expenses, 55,000 31. Depeciation of office buading was $30,000, of office equipment, $7,500, and of tactory equipment? 560,000 31 Factory overhead conts applied to jobs, $711,600 21. Jabs cornpleted, $1,425,000 at Cost of geods sald, $1,360,000 Check My Work, 1 more Check My Work veses remaining

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