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	280	$7	$1,960
24	200	$9						May 4	fill in the blank 1a5c5ef8a000072_1	fill in the blank 1a5c5ef8a000072_2	fill in the blank 1a5c5ef8a000072_3
									fill in the blank 1a5c5ef8a000072_4	fill in the blank 1a5c5ef8a000072_5	fill in the blank 1a5c5ef8a000072_6
				107	320	$fill in the blank 1a5c5ef8a000072_7		May 10	fill in the blank 1a5c5ef8a000072_8	fill in the blank 1a5c5ef8a000072_9	fill in the blank 1a5c5ef8a000072_10
30	130	11						May 21	fill in the blank 1a5c5ef8a000072_11	fill in the blank 1a5c5ef8a000072_12	fill in the blank 1a5c5ef8a000072_13
									fill in the blank 1a5c5ef8a000072_14	fill in the blank 1a5c5ef8a000072_15	fill in the blank 1a5c5ef8a000072_16
				120	190	fill in the blank 1a5c5ef8a000072_17		May 27	fill in the blank 1a5c5ef8a000072_18	fill in the blank 1a5c5ef8a000072_19	fill in the blank 1a5c5ef8a000072_20

b. Determine the materials inventory balance at the end of May. $fill in the blank 27eda9f95073fc4_1

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

		fill in the blank cca7e7ff605cf9e_2
			fill in the blank cca7e7ff605cf9e_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.