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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 1 300 $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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