Question

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	240	$5	$1,200
24	170	$7						May 4	fill in the blank 5c6e7401ff8a05c_1	fill in the blank 5c6e7401ff8a05c_2	fill in the blank 5c6e7401ff8a05c_3
									fill in the blank 5c6e7401ff8a05c_4	fill in the blank 5c6e7401ff8a05c_5	fill in the blank 5c6e7401ff8a05c_6
				108	270	$fill in the blank 5c6e7401ff8a05c_7		May 10	fill in the blank 5c6e7401ff8a05c_8	fill in the blank 5c6e7401ff8a05c_9	fill in the blank 5c6e7401ff8a05c_10
30	110	9						May 21	fill in the blank 5c6e7401ff8a05c_11	fill in the blank 5c6e7401ff8a05c_12	fill in the blank 5c6e7401ff8a05c_13
									fill in the blank 5c6e7401ff8a05c_14	fill in the blank 5c6e7401ff8a05c_15	fill in the blank 5c6e7401ff8a05c_16
				121	160	fill in the blank 5c6e7401ff8a05c_17		May 27	fill in the blank 5c6e7401ff8a05c_18	fill in the blank 5c6e7401ff8a05c_19	fill in the blank 5c6e7401ff8a05c_20

b. Determine the materials inventory balance at the end of May.
$fill in the blank 061352f5e01ffa5_1

c. Journalize the summary entry to transfer materials to work in process.

		fill in the blank 12ec44096fdafc4_2
			fill in the blank 12ec44096fdafc4_4

d. Comparing   as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)   causes idle time.

Answer 1