6,170,00o 480,000 Materials inventory, end of period Determine the following amounts: A. Cost of goods sold B. Direct materials cost C. Direct labor cost EX 16-3 Cost of materials issuances under the FIFO method Obj. 2 52.280 An incomplete subsidiary ledger of materials inventory for May is as follows RECEIVED BALANCE ISSUED Receiving Report Number Quantity Price Number Quantity Amoun Materials Unit Requisition Unit EXCEL TEMPLATE t Date Quantity Price Amount May 1 285 $30.00 $8,550 May 4 May 10 May 21 May 27 130 $32.00 91 365 110 38.00 A Complete the materials issuances and balances for the materals subsidiaryledger under FIFO. B. Determine the materials inventory balance at the end of May. 97 100 C. Journalize the summary entry to transfer materials to work in process. xplain how the materials ledger might be used as an aid in maintaining inventory quantities on hand