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 Unit Unit Receiving Report Number Quantity Materials Requisition Number Quantity Amount Date Quantity Amount Price price May 1 310 $8 $2,480 21 220 $10 May 4 310 8 2,480 220 10 108 350 May 10 27 150 12 May 21 121 210 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. 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. If an amount box does not require an entry, leave it blank. Factory Overhead X Materials Feedback Check My Work c. Increase work in process and decrease materials for the total of issuances found in Req. a. d. Comparing quantities on hand as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time