Chapter 17 Job Order Costing 815 EX 17-3 Cost of materials issuances under the FIFO method OBJ. 2 $2.280 An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receivingg Report Number Quantity Price Number Quantity Amount Date Quantity Price Amount Materials Unit Requisition Unit May 1 285 $30.00 $8,550 May 4 30 22 2i0 May 10 May 21 May 27 40 130 $32.00 91 365 0 110 38.00 97 100 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 to transfer materials to work in process. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand