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 Materials Requisition Number Quantity Amount Date Quantity Unit price Amount Price May 1 340 $5 $1,700 24 240 $7 May 4 340 5 1,700 240 7 1,680 102 380 $ 1,700 x May 10 200 7 1,400 30 160 9 May 21 200 7 1,400 160 9 1,440 115 230 I May 27 130 9 1,170 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 Materials