Cost of Materials Issuances Under the FIFO Method

An incomplete subsidiary ledger of materials inventory for May is as follows:

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a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.

Received Receiving Report Number	Received Quantity	Received Unit Price	Issued Materials Requisition Number	Issued Quantity	Issued Amount	Balance Date	Balance Quantity	Balance Unit price	Balance Amount
						May 1	360	$7	$2,520
22	250	$9				May 4	fill in the blank 1 of 20	fill in the blank 2 of 20	fill in the blank 3 of 20
							fill in the blank 4 of 20	fill in the blank 5 of 20	fill in the blank 6 of 20
			102	410	fill in the blank 7 of 20$	May 10	fill in the blank 8 of 20	fill in the blank 9 of 20	fill in the blank 10 of 20
28	170	11				May 21	fill in the blank 11 of 20	fill in the blank 12 of 20	fill in the blank 13 of 20
							fill in the blank 14 of 20	fill in the blank 15 of 20	fill in the blank 16 of 20
			115	240	fill in the blank 17 of 20	May 27	fill in the blank 18 of 20	fill in the blank 19 of 20	fill in the blank 20 of 20

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b. Determine the materials inventory balance at the end of May. fill in the blank 1 of 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.

blank	Account	Debit	Credit
blank	Accounts PayableCashFinished GoodsMaterialsWork in Process	- Select -	- Select -
	Accounts PayableCashFinished GoodsMaterialsWork in Process	- Select -	- Select -

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d. Comparing

quantities on handmaterials cost

as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)

lack of materialsexcess of materials

causes idle time.