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 Receiving Unit Materials Report Quantity Requisition Price Quantity Amount Number Number Balance Date Quantity Unit price Amount May 1 200 $5 25 $1,000 140 $7 May 4 101 230 May 10 31 90 9 May 21 114 130 May 27 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank Unit Report Number Quantity Materials Requisition Number Price Quantity Amount Date Quantity Unit price Amount 200 $5 $1,000 25 140 $2 May 1 May 4 101 230 May 10 31 90 9 May 21 114 130 May 27 b. Determine the materials inventory balance at the end of May. C. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before an) causes idle time