Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. a. Balance Issued Received Receiving Materials Unit Unit Quantity Price Date Quantity Amount Requisition Quantity Amount Report price Number Number May 1 $5 $1,600 320 220 $7 May 4 23 108 360 May 10 29 150 May 2 121 210 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 d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time