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. Issued Balance Received Receiving Report Quantity Number Unit Unit Price Materials Requisition Number Quantity Amount Date Quantity Amount price May 1 270 $6 $1,620 1,620 25 190 $8 May 4 270 6 1907 8 1,520 103 310 May 10 May 21 31 130 10 8 10 116 180 May 27 10 Feohack b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. 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 w lack of materials causes idle time