CHAPTER 16 eBook Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Report Number Quantity Unit Price Materials Requisition Number Quantity Amount Date Quantity Unit price Amount May 1 260 $9 $2,340 23 180 $11 May 4 260 9 2,340 180 11 1,980 104 290 May 10 11 29 120 13 May 21 11 O O 13 117 170 May 27 13 Feedback Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. CHAPTER 16 eBook a. Calculate the amount or each materials issue, using Fird. In the balance secuon, separate each olierent unit price and is quantity. b. Determine the materials inventory balance at the end of May. Feedback Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. C. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Work in Process Materials Feedback Check My Work c. Increase work in process and decrease materials for the total of issuances found in Req, a d. Comparing quantities on hand as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) lack of materials X causes idle time