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 1 285 $29 10 $8,294 40 132 $32 00 May 4 91 357 May 10 44 112 37 20 May 21 97 103 May 27 Required A Complete the materials issuances and balances for the materials subsidiary ledger under FIFO Round your unit price answers to two decimal places and final answers to the nearest dollar B Determine the materials inventory balance at the end of May Round your answer to the nearest dollar 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 Round your answers to the nearest dollar D Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand CHART OF ACCOUNTS CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Materials Inventory A Complete the materials issuances and balances for the materials subsidiary ledger under FIFO Round your unit price answers to two decimal places and final answers to the nearest dollar ISSUED RECEIVED BALANCE Receiving Materials Report Unit Requisition Number Quantity Price Number Quantity Quantity Amount Date Unit Price Amount May 1 285 $29 10 $8,294 40 May 4 32 $32 00 91 357 May 10 112 37 20 May 21 103 97 May 27 B Determine the materials inventory balance at the end of May Round your answer to the nearest dollar

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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 1	285	$29.10	$8,294
40	132	$32.00				May 4
			91	357		May 10
44	112	37.20				May 21
			97	103		May 27

Required:

Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar.

Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar.

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. Round your answers to the nearest dollar.

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

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable
125	Notes Receivable
126	Interest Receivable
131	Materials
132	Work in Process
133	Factory Overhead
134	Finished Goods
141	Supplies
142	Prepaid Insurance
143	Prepaid Expenses
181	Land
191	Factory
192	Accumulated Depreciation-Factory

	LIABILITIES
210	Accounts Payable
221	Utilities Payable
231	Notes Payable
236	Interest Payable
241	Lease Payable
251	Wages Payable
252	Consultant Fees Payable

	EQUITY
311	Common Stock
340	Retained Earnings
351	Dividends
390	Income Summary

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Materials Inventory A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. ISSUED RECEIVED BALANCE Receiving Materials Report Unit Requisition Number Quantity Price Number Quantity Quantity Amount Date Unit Price Amount May 1 285 $29.10 $8,294 40 May 4 32 $32.00 91 357 May 10 112 37.20 May 21 103 97 May 27 B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar