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	380	$9	$3,420
24	270	$11						May 4	fill in the blank fdd880fc7067074_1	fill in the blank fdd880fc7067074_2	fill in the blank fdd880fc7067074_3
									fill in the blank fdd880fc7067074_4	fill in the blank fdd880fc7067074_5	fill in the blank fdd880fc7067074_6
				103	430	$fill in the blank fdd880fc7067074_7		May 10	fill in the blank fdd880fc7067074_8	fill in the blank fdd880fc7067074_9	fill in the blank fdd880fc7067074_10
30	180	13						May 21	fill in the blank fdd880fc7067074_11	fill in the blank fdd880fc7067074_12	fill in the blank fdd880fc7067074_13
									fill in the blank fdd880fc7067074_14	fill in the blank fdd880fc7067074_15	fill in the blank fdd880fc7067074_16
				116	250	fill in the blank fdd880fc7067074_17		May 27	fill in the blank fdd880fc7067074_18	fill in the blank fdd880fc7067074_19	fill in the blank fdd880fc7067074_20

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

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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	CashFactory OverheadFinished GoodsMaterialsWork in Process	- Select -	- Select -
	CashFactory OverheadFinished 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.