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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