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	200	$6	$1,200
24	140	$8						May 4	200	6	1,200
									140	8	1,120
				106	230	$1,440		May 10		8
30	90	10						May 21		8
									90	10	900
				119	130	1,080		May 27		10

b. Determine the materials inventory balance at the end of May.

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