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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
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 Materials Requisition Quantity Amount Date Quantity Unit Report Quantity Number price Amount Number May 330 May 4 $6 $1,980 230 $8 24 May 10 May 21 101 370 30 10 160 220 114 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 Feedback Check My Work c. Increase work in process and decrease materials for the total of issuances found in Req. a d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time. Feedback Check My Work d. What is the benefit of having materials as needed? Feedback Check My Work Incorrect Next> Check My Work 4 more Check My Work uses remaining
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