4. The materials account of the Flynn Company reflected the following changes during May Balance, May 1 500 units $10 Received, May 5 300 units @ $12 Issued, May 10 1400 units Received, May 15200 units @ $15 Issued, May 25 300 units Assuming that Flynn Company maintains perpetual inventory records, calculate the ending inventory at May 31 and the cost of the units issued in May using each of the following methods: (a) First in, first out (FIFO) (b) Last in, first out (LIFO) (c) Moving average 5. The following accounts are maintained by the Sprague Manufacturing Company in its general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. The materials account had a debit balance of $40,000 on November 1. A summary of material transactions for November shows: (1) Materials purchased on account, $62,000 (2) Direct materials issued, $58,500 (3) Direct materials returned to storeroom, $1,200 |(4) Indirect materials issued, $3,600 (5) Indirect materials returned to storeroom, $550 Materials on hand were $200 less than the stores ledger balance a. Prepare journal entries to record the materials transactions. b. Post the journal entries to T-accounts. c. What is the balance of the materials account on November 30