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.

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 Balance Receiving Report Number Quantity Unit Price Materials Requisition Number Quantity Amount Date Quantity Unit price Amount $6 52,160 2225058 May 1 360 May 4 1360 250 May 10 May 21 2,160 2,000 103 410 s 28 1 70 10 115 240 C May 27 Feedback Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity b. Determine the materials inventory balance at the end of May. Feedback Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity c. Journalize the summary entry to transfer materials to work in process. Work in Process Materials Feedback Check My Work c. Increase work in process and decrease materials for the total of issuances found in Req. a