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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
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 Receiving Report Received Number Quantity Received Unit Price Issued Materials Requisition Issued Number Quantity Balance Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 360 $9 $3,240 26 250 $11 May 4 360 9 3,240 250 11 106 410 36,190 X May 10 11 32 170 13 May 21 11 13 119 240 May 27 13 Feedback Check My Work b. Determine the materials inventory balance at the end of May. Feedback Check My Work c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. 38
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