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				Issued				Balance
Receiving Report Number	Quantity	Unit Price		Materials Requisition Number	Quantity	Amount		Date	Quantity	Unit price	Amount
								May 1	285	$30.00	$8,550
40	130	$32.00						May 4	fill in the blank 5b5960046fcb014_1	fill in the blank 5b5960046fcb014_2	fill in the blank 5b5960046fcb014_3
									fill in the blank 5b5960046fcb014_4	fill in the blank 5b5960046fcb014_5	fill in the blank 5b5960046fcb014_6
				91	365	$fill in the blank 5b5960046fcb014_7		May 10	fill in the blank 5b5960046fcb014_8	fill in the blank 5b5960046fcb014_9	fill in the blank 5b5960046fcb014_10
44	110	38.00						May 21	fill in the blank 5b5960046fcb014_11	fill in the blank 5b5960046fcb014_12	fill in the blank 5b5960046fcb014_13
									fill in the blank 5b5960046fcb014_14	fill in the blank 5b5960046fcb014_15	fill in the blank 5b5960046fcb014_16
				97	100	fill in the blank 5b5960046fcb014_17		May 27	fill in the blank 5b5960046fcb014_18	fill in the blank 5b5960046fcb014_19	fill in the blank 5b5960046fcb014_20

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b. Determine the materials inventory balance at the end of May. $fill in the blank 30cf3bf5d02801c_1

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c. Journalize the summary entry to transfer materials to work in process.

blank	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process	- Select -
	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process		- Select -

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d. Comparing

quantities on hand materials cost

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

lack of materials excess of materials

causes idle time.