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 Receiving Materials Unit Report Quantity Requisition Quantity Amount Price Number Number Balance Date Quantity Unit price Amount May 1 340 $8 $2,720 25 240 $10 May 4 100 380 May 10 31 160 12 May 21 lllll 117 230 May 27 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process d. Comparing an) as reported in the materials ledger with predetermined order points would enable management to order materials before Causes idle time. 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 Receiving Materials Unit Report Quantity Requisition Quantity Amount Price Number Number Balance Date Quantity Unit price Amount May 1 340 $8 $2,720 25 240 $10 May 4 100 380 May 10 31 160 12 May 21 lllll 117 230 May 27 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process d. Comparing an) as reported in the materials ledger with predetermined order points would enable management to order materials before Causes idle time