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 Receiving Received Materials Balance Report Received Unit Requisition Issued Issued Balance Balance Unit Balance Number Quantity Price Number Quantity Amount Date Quantity price Amount May 1 380 $8 $3,040 27 270 $10 May 4 380 V 8 270 10 107 430 May 10 33 180 12 May 21 120 250 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