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 Quantity Unit Price Materials Requisition Number Quantity Amount Date Quantity Unit price Amount Number $8,550 May 1 May 4 40 130 $32.00 8,550 285 285 130 235 x 4,160 365 $ 33,215 X ( C $30.00 30.00 32.00 32.00 32.00 38.00 38.00 44 May 10 May 21 110 38.00 110 14,180 97 1 00 9,700 * May 27 C Feedback Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity b. Determine the materials inventory balance at the end of May. Feedback C. Journalize the summary entry to transfer materials to work in process. Feedback Check My Work c. Increase work in process and decrease materials for the total of issuances found in Req. a. d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time. Feedback Check My Work d. What is the benefit of having materials as needed? Feedback Check My Work Partially correct