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 Unit Receiving Report Number Quantity Unit Price Materials Requisition Number Quantity Amount Date Quantity Amount price May 1 400 $5 $2,000 24 280 $7 May 4 400 5 2,000 280 7 1,960 105 450 May 10 7 30 190 9 May 21 7 118 270 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. Feedback Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. 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 88 Materials