Cost of Materiais Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Balance a. Complete the material issuances and balances for the materials subsidiary ledger under Firo. Recelved Issued Receiving Materials Unit Raport Quantity Requisition Price Quantity Amount Number Number Date Quantity Unit price Amount Amount May 1 240 56 $1,440 24 170 $8 May 1 105 270 May 10 30 110 10 May 21 118 160 May 27 Feedback b. Determine the materials inventory balance at the end of May. b. Determine the materials inventory balance at the end of May. Why Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate cach different unit price and its quantly 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 d. Comparing quantities on hand as reported in the materials ledger with predetermined order points would enable management to order materials before an) lack of materials causes idle time