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		Materials Requisition Number	Quantity	Amount		Date	Quantity	Unit price	Amount
								May 1	220	$6	$1,320
23	150	$8						May 4	fill in the blank e19f83fed04d05d_1	fill in the blank e19f83fed04d05d_2	fill in the blank e19f83fed04d05d_3
									fill in the blank e19f83fed04d05d_4	fill in the blank e19f83fed04d05d_5	fill in the blank e19f83fed04d05d_6
				107	250	$fill in the blank e19f83fed04d05d_7		May 10	fill in the blank e19f83fed04d05d_8	fill in the blank e19f83fed04d05d_9	fill in the blank e19f83fed04d05d_10
29	100	10						May 21	fill in the blank e19f83fed04d05d_11	fill in the blank e19f83fed04d05d_12	fill in the blank e19f83fed04d05d_13
									fill in the blank e19f83fed04d05d_14	fill in the blank e19f83fed04d05d_15	fill in the blank e19f83fed04d05d_16
				120	150	fill in the blank e19f83fed04d05d_17		May 27	fill in the blank e19f83fed04d05d_18	fill in the blank e19f83fed04d05d_19	fill in the blank e19f83fed04d05d_20

b. Determine the materials inventory balance at the end of May. $fill in the blank 858916f92fe4017_1

c. Journalize the summary entry to transfer materials to work in process.

		fill in the blank 34605d02101cfcf_2
			fill in the blank 34605d02101cfcf_4

d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.