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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
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 | 240 | $5 | $1,200 | ||||||||
24 | 170 | $7 | May 4 | fill in the blank 5c6e7401ff8a05c_1 | fill in the blank 5c6e7401ff8a05c_2 | fill in the blank 5c6e7401ff8a05c_3 | |||||
fill in the blank 5c6e7401ff8a05c_4 | fill in the blank 5c6e7401ff8a05c_5 | fill in the blank 5c6e7401ff8a05c_6 | |||||||||
108 | 270 | $fill in the blank 5c6e7401ff8a05c_7 | May 10 | fill in the blank 5c6e7401ff8a05c_8 | fill in the blank 5c6e7401ff8a05c_9 | fill in the blank 5c6e7401ff8a05c_10 | |||||
30 | 110 | 9 | May 21 | fill in the blank 5c6e7401ff8a05c_11 | fill in the blank 5c6e7401ff8a05c_12 | fill in the blank 5c6e7401ff8a05c_13 | |||||
fill in the blank 5c6e7401ff8a05c_14 | fill in the blank 5c6e7401ff8a05c_15 | fill in the blank 5c6e7401ff8a05c_16 | |||||||||
121 | 160 | fill in the blank 5c6e7401ff8a05c_17 | May 27 | fill in the blank 5c6e7401ff8a05c_18 | fill in the blank 5c6e7401ff8a05c_19 | fill in the blank 5c6e7401ff8a05c_20 |
b. Determine the materials inventory balance at the end of May. $fill in the blank 061352f5e01ffa5_1
c. Journalize the summary entry to transfer materials to work in process.
fill in the blank 12ec44096fdafc4_2 | |||
fill in the blank 12ec44096fdafc4_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.
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