Cost of Materials Issuances Under the FIFO Method

An incomplete subsidiary ledger of wire cable for June is as follows:

a. Complete the materials issuances and balances for the wire cable subsidiary ledger under FIFO.

Received				Issued				Balance
Receiving Report Number	Quantity	Unit Price		Materials Requisition Number	Quantity	Amount		Date	Quantity	Unit price	Amount
								June 1	350	$10.00	$3,500
26	250	$12.00						June 2
				103	380	$		June 6
32	160	14.00						June 12
				111	240			June 21

b. Determine the balance of wire cable at the end of June.

c. Journalize the summary entry to transfer materials to work in process.

d. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.

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