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 Balance Receiving Report Quantity Unit Price Unit Quantity Amount Date Quantity Number price May 1 350 59 21 240 May 4 350 240 106 27 160 13 May 10 May 21 119 230 May 27 b. Determine the materials inventory balance at the end of May. Feedback 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 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 d. What is the benefit of having materials as needed?