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An incomplete subsidiary ledger of materials inventory for May is as follows: Received Issued Balance Receiving Materials Report Unit Requisition Unit Number Quantity Price Number

An incomplete subsidiary ledger of materials inventory for May is as follows:
Received
Issued
Balance
Receiving
Materials
Report
Unit
Requisition
Unit
Number
Quantity
Price
Number
Quantity
Amount
Date
Quantity
Price
Amount
May 1285 $30.00 $8,550
40130 $32.00 May 4
91365 May 10
4411038.00 May 21
97100 May 27
Required:
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 on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles.
d. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.

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