Cost of Materials Issuances Under the FIFO Method

An incomplete subsidiary ledger of materials inventory for May is as follows:

Question Content Area

a$.$ Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.

Received

Receiving

Report

Number Received

Quantity Received

Unit

Price Issued

Materials

Requisition

Number Issued

Quantity Issued

Amount Balance

Date Balance

Quantity Balance

Unit

price Balance

Amount

May $1230$ $$9$ $$2,070$

$27160$ $$11$ May $4$ fill in the blank $1$ of $20$

fill in the blank $2$ of $20$

fill in the blank $3$ of $20$

fill in the blank $4$ of $20$

fill in the blank $5$ of $20$

fill in the blank $6$ of $20$

$103260$ fill in the blank $7$ of $20$$

May $10$ fill in the blank $8$ of $20$

fill in the blank $9$ of $20$

fill in the blank $10$ of $20$

$3311013$ May $21$ fill in the blank $11$ of $20$

fill in the blank $12$ of $20$

fill in the blank $13$ of $20$

fill in the blank $14$ of $20$

fill in the blank $15$ of $20$

fill in the blank $16$ of $20$

$116150$ fill in the blank $17$ of $20$

May $27$ fill in the blank $18$ of $20$

fill in the blank $19$ of $20$

fill in the blank $20$ of $20$

Question Content Area

b$.$ Determine the materials inventory balance at the end of May.

fill in the blank $1$ of $1$$

Question Content Area

c$.$ Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.

blankAccountDebitCredit

blank

Question Content Area

d$.$ Comparing

as reported in the materials ledger with predetermined order points would enable management to order materials before a$($n$)$

causes idle time.