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	310	$6	$1,860
26	220	$8						May 4	fill in the blank f77336fc4fb1f9f_1	fill in the blank f77336fc4fb1f9f_2	fill in the blank f77336fc4fb1f9f_3
									fill in the blank f77336fc4fb1f9f_4	fill in the blank f77336fc4fb1f9f_5	fill in the blank f77336fc4fb1f9f_6
				106	350	$fill in the blank f77336fc4fb1f9f_7		May 10	fill in the blank f77336fc4fb1f9f_8	fill in the blank f77336fc4fb1f9f_9	fill in the blank f77336fc4fb1f9f_10
32	150	10						May 21	fill in the blank f77336fc4fb1f9f_11	fill in the blank f77336fc4fb1f9f_12	fill in the blank f77336fc4fb1f9f_13
									fill in the blank f77336fc4fb1f9f_14	fill in the blank f77336fc4fb1f9f_15	fill in the blank f77336fc4fb1f9f_16
				119	210	fill in the blank f77336fc4fb1f9f_17		May 27	fill in the blank f77336fc4fb1f9f_18	fill in the blank f77336fc4fb1f9f_19	fill in the blank f77336fc4fb1f9f_20

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b. Determine the materials inventory balance at the end of May. $fill in the blank 0d8260fd5fa500b_1

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

	Work in Process	fill in the blank e72e5b004fb2f99_2	fill in the blank e72e5b004fb2f99_3
	Materials	fill in the blank e72e5b004fb2f99_5	fill in the blank e72e5b004fb2f99_6

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