Cost of materials issuances under the FIFO method OBJ. 2 An incomplete subsidiary ledger of materials inventory for May is as follows:

RECEIVED Receiving Report Number 40 44 130 91 97 365 May 1 285 $8,550 May 4 May 10 May 21 100 May 27

$32.00 110 38.00 Quantity Unit Price Materials Requisition Number Quantity Amount Quantity Amount

$30.00 Unit Date Price ISSUED BALANCE

a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.

b. Determine the materials inventory balance at the end of May.

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

d. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.