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		The form or electronic transmission used by a manufacturing department to authorize materials issuances from the storeroom.Materials Requisition Number	Quantity	Amount		Date	Quantity	Unit price	Amount
								May 1	340	$5	$1,700
25	240	$7						May 4
				103	380	$		May 10
31	160	9						May 21
				116	230			May 27

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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. $

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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 Accounts Payable Cash Factory Overhead Finished Goods Materials Work in Process
	Materials Accounts Payable Cash Factory Overhead Finished Goods Materials Work in Process